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....Santander at centre of storm brewing over £930bn US car finance deb
A European banking giant is at the centre of a storm brewing over US car finance debt which it is feared could crash the global economy. Spanish lender Santander is the biggest player in the riskiest parts of America's £930billion vehicle loan industry, which is facing a potential disaster as borrowers struggle to repay that mountain of cash. And experts warned that a shock collapse would reverberate around the world and ultimately hit the UK. Banks saw car borrowing as a relatively safe bet as consumer spending recovered after the financial crisis, but there are now signs that the market is cooling as families reach the limit of what they can afford.
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