Tricolor’s Shitting The Subprime Collateral Bed

Austin Texas

9-16-25

Tricolor’s collapse is sending shockwaves through subprime auto lending:

The Texas-based lender and used car retailer filed for Chapter 7 bankruptcy, choosing liquidation over restructuring—just days after suspending operations in the southwest.

By then, warning signs were flashing everywhere:

– Tricolor CEO Daniel Chu resigned from Origin Bank’s board (a major lender to Tricolor).

– Traders told CDG that Tricolor’s ABS bonds cratered to as low as $0.12 on the dollar.

– Fifth Third Bancorp flagged a potential $200M hit from “alleged fraudulent activity,” quickly linked to Tricolor by Bloomberg.

The alleged scheme: double-pledging auto loan portfolios to multiple banks, using the same collateral to draw separate warehouse credit lines.

DOJ investigators are now involved as well as the U.S. Attorney’s Office in New York.

Looking ahead: Vervent has been tapped as backup servicer, though transferring billions in loans will be anything but smooth.

Read today’s top automotive stories, presented by @foureyesdata : carguymedia.com/4nv10u1

(Data source: Public records / insider sources / Bloomberg / Barron’s / S&P Global)

Car Dealership Guy

⁦‪@GuyDealership‬⁩

[NEWS] Tricolor’s collapse is sending shockwaves through subprime auto lending:

The Texas-based lender and used car retailer filed for Chapter 7 bankruptcy, choosing liquidation over restructuring—just days after suspending operations in the southwest.

By then, warning signs

9/16/25, 3:02 PM

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Tricolor’s Shitting The Subprime Collateral Bed

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