Auto Analysts Worry Over Subprime Mortgage Contagion

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Auto ana­lysts are tak­ing a dim view of grow­ing delin­quen­cy rates in auto-loan-backed secu­ri­ties sold by Ford Motor Cred­it and GMAC Finan­cial Ser­vices in Octo­ber and Sep­tem­ber. They fear the rise rep­re­sents spillover from the sub­prime mort­gage melt­down. But both auto lenders claim the increas­es in delin­quen­cies are unre­lat­ed and that sub­prime bor­row­ers are only a small part of their very large port­fo­lios.