Yeah it's lightly armored. Basically it's an armored body bolted to a truck frame. Similar vehicles have been designed and built for security use and those can stop 7.62 Soviet and possibly NATO rounds. You are quite right about an AT4 or a M2HB shreading such vehicles.
What makes them so dangerous is the simple fact that until resently Drug Gangs did not use armored vehicles designed for combat. Sure they used armored limos and SUVs, but they did not use armored vehicled designed to attack other gangs and/or the police.
For people who are not prepared to face armor such a vehicle is a real killing machine. Now I am sure that in places the border patrol would love to patrol in APCs but politically that is not viable unless things get alot worse.
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