With car financing in China still in an embryonic stage, bank sources conceded that overdue car loans have already ballooned to RMB90 billion, a situation blamed on aggressive lending, poor credit checks and plain fraud. According to the South China Morning Post, the Agricultural Bank of China, which already holds more NPLs than any other bank, is stuck with about half the country's overdue car loans. Banks cut back car finance programs but they had fallen deep in the hole before they realized trends. An official at the government-backed China Automotive Technology Research Centre said that with car prices collapsing, many consumers decided it was cheaper to buy new cars than pay off old ones. He also blamed Beijing's economy cooling measures for cutting into business and personal incomes, and disrupting repayment schedules.