Every Auto Finance Company has “bad debt” [losses after recovery of security]. In truth a significant sector of the industry (subprime lending) is experiencing resurging defaults [8-9%] [https://www.bloomberg.com/news/articles/2017-07-17/new-u-s-subprime-boom-same-old-sins-auto-defaults-are-soaring] [http://www.businessinsider.com/fitch-on-auto-loan-market-2017-3] [https://qz.com/913093/car-loans-in-the-us-have-hit-record-levels-and-delinquencies-are-rising-fast-too/] ** Significant default rates and the need to recovery lost capital REQUIRES every auto finance company to ramp up its recovery strategies. The true value of pursuing recovery of defaults should be clear; recovered “bad debt” m