Auto Loan Default Rates Rise

By Staff Writer February 18, 2022

The auto loan default rate was up four basis points to 0.53% according to data through January 2022, released by 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 rose three basis points to 0.43%. The bank card default rate increased seven basis points to 2.02% and the first mortgage default rate was three basis points higher at 0.31%.

Four of the five major metropolitan statistical areas showed higher default rates compared to last month. New York had the largest increase, up 17 basis points to 0.50%. Chicago was three basis points higher at 0.47%. Los Angeles was up two basis points to 0.38% while Dallas rose one basis point to 0.50%. Miami fell four basis points to 0.93%.

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Last modified on Thursday, 24 February 2022 16:00