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Expand chart
Data: New York Fed Consumer Credit Panel, Equifax; Chart: Andrew Witherspoon/Axios

This story is from Axios Edge, the Sunday newsletter. For more stories like this, sign up here.

This is a picture of distress. Car loans are the last debt that Americans generally default on, since a car is in most cases necessary to get to work.

The big picture: The number of Americans in default on their car loans is hitting record highs, but the default rate is not: Auto lenders have been issuing many more loans in recent years.

  • "The overall performance of auto loans has been slowly worsening, despite an increasing share of prime loans in the stock," write New York Fed analysts.
  • Whom you borrow from makes a huge difference. 6.5% of loans from auto finance companies are 90+ days past due, compared with only 0.7% of loans from credit unions.

Why you’ll hear about this again: This degree of woe is happening despite a growing economy and record-low unemployment. If and when a recession hits, expect these numbers to get a lot worse.

Go deeper

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
2 hours ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.

Wanted: New media bosses, everywhere

Illustration: Sarah Grillo/Axios

The Washington Post, Los Angeles Times, Reuters, HuffPost and Wired are all looking for new editors. Soon, The New York Times will be too.

Why it matters: The new hires will reflect a new generation — one that's addicted to technology, demands accountability and expects diversity to be a priority.