Auto Loan Default Rate Rises

By Staff Writer October 28, 2020 315

The auto loan default rate rose three basis points to 0.56 percent, according to the S&P Dow Jones Indices and Experian data through September 2020.
The indices represent a comprehensive measure of changes in consumer credit defaults and show that the composite rate was down four basis points to 0.63 percent.

The bank card default rate fell 45 basis points to 3.00 percent and the first mortgage default rate was two basis points lower at 0.46 percent.

 

All five major metropolitan statistical areas showed lower default rates compared to last month. Miami showed the largest decrease, down 19 basis points to 1.80 percent. New York was 8 basis points lower at 0.88 percent, while Los Angeles fell five basis points to 0.71 percent. The rate for Dallas dropped three basis points to 0.62 percent while Chicago was one basis point lower at 0.65 percent.

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Last modified on Monday, 09 November 2020 13:07