``Across the industry, auto lenders are pursuing growth by lengthening terms, increasing advance rates, and originating loans to borrowers with lower credit scores. With average loan-to-value rates above 100%, they have an ominous warning: "risk in auto-lending is beginning to emerge." ... The average loss per vehicle has risen substantially in the past two years, an indication of how longer terms and higher LTVs can increase exposure.''

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