Auto Loan Default Rates Fall

By Staff Writer June 19, 2020

The auto loan default rate dropped 10 basis points to 0.56 percent, according to data through May 2020 from S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices.

The indices represent a comprehensive measure of changes in consumer credit defaults and show that the composite rate was 12 basis points lower at 0.78 percent. The bank card default rate rose 17 basis points to 4.40 percent and the first mortgage default rate fell 14 basis points to 0.52 percent.

All five major metropolitan statistical areas ("MSAs") showed lower default rates compared to April. Chicago showed the largest decrease, down 13 basis points to 0.93 percent. New York fell 12 basis points to 0.83 percent, while Miami dropped 11 basis points to 1.43 percent. Dallas was nine basis points lower, at 0.79 percent while Los Angeles fell four basis points to 0.70 percent.

The table below summarizes the May 2020 results for the S&P/Experian Consumer Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.

 

  National Indices

 

 Index

 May 2020
   Index Level

 April 2020
   Index Level

 May 2019
   Index Level

 Composite

 0.78

 0.90

 0.83

 First Mortgage

 0.52

 0.66

 0.59

 Bank Card

 4.40

 4.23

 3.90

 Auto Loans

 0.56

 0.66

 0.87

 *Source: S&P/Experian Consumer Credit Default Indices

 Data through May 2020

 

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Last modified on Friday, 19 June 2020 18:46

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