Crux note: Since March 2014, Stansberry Research founder Porter Stansberry has been warning about trouble brewing in the auto-lending industry. In short, lenders have been practically giving money away to subprime borrowers – much like what happened in the run-up in mortgage lending during the real estate boom.

Back in December, we shared Porter’s full write-up from the Stansberry Digest, where he outlined the situation in detail. You can read his full analysis right here. Today, CNNMoney reported that this situation is starting to unravel. Unpaid subprime auto loans just reached a 20-year high.

According to Porter, this is just another aspect of what he’s calling the “the greatest legal transfer of wealth in history” – caused by the massive credit bubble in the oil and gas industry. Read on for the details…

From Matt Egan at CNNMoney:

The rate of seriously delinquent subprime car loans soared above 5%…