Sub-Prime Auto Financing

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In the press there has been a great deal of information and speculation about the collapse of the US sub-prime mortgage business.  Leading criteria has been tighted up south of the border and there could be some spillover into the Canadian market yet there is a big but...the Canadian banking industry is centralized vs. the open system in the US.  The sub-prime mortgage business in Canada is quite small vs. the US and our banks seem to do a better job of hedging their positions on high interest loans.  As a result sub-prime lending on auto loans will continue.  The only major impact consumers might see is slightly more risk adverse behaviour regarding submitted applications as the Canadian prime lending rate rises.