By Manya Saini

(Reuters) -The share of subprime borrowers at least 60 days behind on their auto loans rose to 6.65% in October, the highest level on record, according to Fitch Ratings data going back to the early 1990s.

CONTEXT

Subprime borrowing refers to lending to consumers with lower credit scores or limited credit histories, who are considered higher risk and typically charged higher interest rates to offset the increased likelihood of default.

PrimaLend, which serves the “buy-here-pay-here” auto financing market — where dealers sell and directly finance vehicles for customers with poor or limited credit — filed for bankruptcy protection last month.

Tricolor, which sold cars and provided auto loans mostly to low-income Hispanic communities in the Southwestern United States, also

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