C.C.
Sorry I misread your reference to U.S. car loan defaults. I thought you were saying it was here in Aus. I have seen these reports re the U.S. and I guess that would apply to most loans there.
I am certain we do not have anything like this level of default yet. Unemployment at 6-8% will change that, if we get there. It is my belief it is too low now for the productive good of the country. My businesses employ something in excess of 250 people and finding good new staff for any growth is a nightmare. The bottom end that are floating around now are unemployable.
It will be interesting when the first of the 3yr interest free deals for plasma's etc become due. I would predict a very high level of default.