In all seriousness, guys -
Car loans are done in a similar way to mortgage loans, where usually the person selling the device on credit (car, house) doesn't carry the note - they get paid cash; the bank carries the note for a very short time - but then they sell it off to loan pools; loan pools rate the loans, package them up, assign them tranches, get them rated by a ratings agencies, and allow investors to buy parts of or entire pools.
Now, the big issue with houses was of course that "somehow" ten thousand subprime loans were rated A or AA when they should have been rated B at best, if not CC or effectively as junk bonds. (Not that there's anything wrong with investing in junk bonds - the returns are high - you just have to be very good at assessing risk, and ideally, can get better assessments than your competition. In other words, junk bonds are a game for investment firms with buckets of money.)
I have reached a dead end into trying to figure out who owns the car loan pools, and more specifically, 1) what they're rated like, and 2) what the individual loans look like.
I imagine, because I still have faith in humanity, that investors remember 2008 - it was just eight years ago - and are properly rating these 15+% loans as junk, and investing with full knowledge of the subprime quality of the pools. Better yet, I hope that the managers of the pools know how to contract with repo men and wholesale auctioneers, to quickly recover and flip any property in serious default.
But if not... well, this is going to be interesting!