Auto Credit Defaults Rise

By Staff Writer September 28, 2021

The auto loan default rate was up three basis points to 0.34%, according to S&P Dow Jones Indices and Experian data through August 2021 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 one basis point lower at 0.39%. The bank card default rate fell 16 basis points to 2.35% and the first mortgage default rate was unchanged at 0.27%.

Three of the five major metropolitan statistical areas showed higher default rates compared to last month. Chicago had the largest increase, up four basis points to 0.43%. New York rose two basis points to 0.44% while Dallas was one basis point higher at 0.41%. Los Angeles dropped two basis points to 0.34% while Miami fell three basis points to 0.88%.

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Last modified on Monday, 04 October 2021 18:33