Auto Loan Default Rate Drops

By Staff Writer July 22, 2020

 

The auto loan default rate dropped 16 basis points to 0.40 percent, according to recently released S&P Dow Jones Indices and Experian data through June 2020.

The indices represent a comprehensive measure of changes in consumer credit defaults and show that the composite rate was 12 basis points lower at 0.66 percent.

The data show the bank card default rate fell 17 basis points to 4.23 percent. and the first mortgage default rate fell 11 basis points to 0.41 percent.

Four out the five major metropolitan statistical areas showed lower default rates. Chicago showed the largest decrease, down 14 basis points to 0.69 percent. Dallas fell 13 basis points to 0.66 percent, while New York dropped nine basis points to 0.74 percent. Miami was three basis points lower, at 1.40 percent. Los Angeles was the only MSA with a higher rate, rising two basis points to 0.72 percent.

 

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Last modified on Wednesday, 29 July 2020 14:10

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