### Comment:
Toyota has “Toyota Motor Credit Corporation” bonds which are bonds of the financing of cars. It’s the same concept as Mortgage securities, just with car loans. All the big car companies have their own motor credit Corp which they sell bonds from

### REPLY:
There's nothing wrong with bonds like that provided they are rated properly to reflect their risk. The housing market was a gong show because of the tranching and ratings agencies tagging shit as AAA

### END.