Real life experience - Used Car Financing Market

I was talking with my niece last night and she works for a local bank in GA that specializes in used auto loans. I asked her how business was…

Loan originations are down 50%
Loan amounts are UP
Loan terms are UP (up to 87 months now)
High Mileage vehicles not a problem > 100,000 miles

Sounds like trouble to me.


upstart #meltdown root cause


Upstart who???

Upstart (UPST) is a startup fintech company using AI to help banks and credit unions make good loans
They dropped from about $400 to $25 over the last year. I’m not sure why their AI couldn’t have seen that coming. Down ~93% but if they just double 4 times they’ll set a new all time high.



Hey @mschmit -

I was only kidding - I was following Saul’s board during the $400 days.
They won’t let me post about valuations now…or haven’t ever…



Two UPST nibbles - bloody sharp knives, exited in Feb 2022 while shares traded above $100, entry price $160 - $180/sh.
Bad yeah … win some, lose some.

On the subject of cars, some folks on the Falling Knives board tossing around the idea of CarMax (KMX) as a Falling Knife

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