Bailey warned private credit had similarities with the '08 subprime debt crisis

Another mid-sized lender filed for bankruptcy in the US, highlighting the growing strain in American credit markets which Andrew Bailey has likened to the subprime crisis that foreshadowed the Great Financial Crisis (GFC).

Primalend, a Texan provider of subprime financing to car dealerships, said in a filing on Wednesday that it had collapsed after months of negotiations with creditors over missed interest payments on its own debt.

“No debt is being called due or accelerated as a result of this process,” Primalend’s chief executive officer, Mark Jensen, said in a press release. “We deeply value our dealer-borrower relationships and look forward to continuing to serve the buy-here-pay-here industry as we mo

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