Collateral Damage: Low-Income Borrowers Depend on Income-Based Lending
利用车型停产带来的负耐久性冲击，研究汽车金融中资产抵押贷款与基于收入贷款的区别，发现低收入借款人更依赖无抵押的基于收入贷款，且折旧部分取决于借款人自身。
Abstract We use negative durability shocks from vehicle discontinuations to study asset-backed lending and income-based lending (IBL) in auto finance. Discontinuations lead to increased down payments, higher loan-to-value ratios, and larger post-default personal recoveries. These results all indicate that economically disadvantaged consumers are relatively more reliant on unsecured IBL, in stark contrast to corporate financing patterns. Vehicle recoveries on discontinued cars are lower for borrowers who purchase after discontinuations, implying that depreciation is partially borrower-dependent. Our findings suggest that lower-income borrowers, in particular, benefit from technologies that facilitate IBL, such as income monitoring.