we will discuss this with margaret rowe. thank you for your time.is getting more and more expensive to pay these things which are more more expensive to buy but now we are seeing delinquencies tick higher very much higher and that has got to be a concern for people like you at fitch. >> thank you for having me. it is true, our subprime delinquency auto abs index did hit the highest point at over 6% with september data, but it is important to understand the composition of our subprime auto abs index has really shifted over time. the subprime lending market competition heated up in 2015 and 2016 and there were no a lot of -- there were a lot of new entrants to the space. issuance of auto abs has been at record levels. so there is just a lot more transactions underline the index, including those from smaller, newer, deeper some prime bloomberg's -- london composition is really change. the subprime borrower is under stress. rates are high. persistent unemployment -- excuse me, persistent inflation resulting in reduced real income. the subprime borrower

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