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Fitch: US auto lenders taking on more risk

NEW YORK (AP) -- U.S. auto lenders are taking on more risk, extending credit to consumers that may have trouble making their payments, Fitch Ratings said Wednesday.

The ratings agency said that looser underwriting standards and higher funding costs have prompted the move.

Fitch said that it is possible for underwriting standards to get more aggressive given the rapid rise in new auto loans.