Auto Loan Default Rate Drops

By Staff Writer April 21, 2021

 

The auto loan default rate dropped three basis points to 0.48 percent in the first quarter, according to data through March 2021 released by S&P Dow Jones Indices and Experian. The data is part of 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 one basis point higher at 0.54%. The bank card default rate rose 22 basis points to 3.15%. The first mortgage default rate was unchanged at 0.37%.

 

 

Four of the five major metropolitan statistical areas showed higher default rates compared to last month. The rate for Miami increased seven basis points to 1.23% while Los Angeles rose six basis points to 0.50%. Chicago was four basis points higher at 0.59% and New York was up three basis points to 0.86%. Dallas was unchanged at 0.59%.

The table below summarizes the March 2021 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 Level

 March 2021
 

 February 2021

 March 2020
  

 Composite

 0.54

 0.53.  

 0.99

 First Mortgage

 0.37

 0.37

 0.77

 Bank Card

 3.15

 2.93

 3.94

 Auto Loans

 0.48

 0.51

 0.81

   Source: S&P/Experian Consumer Credit Default Indices

   *Data through March 2021

 

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Last modified on Wednesday, 21 April 2021 13:32