Auto Loan Default Rate Rises

By Staff Writer May 18, 2022

S&P Dow Jones Indices and Experian released data through April 2022 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 two basis points to 0.50%. The auto loan default rate rose two basis points to 0.58% while the first mortgage default rate was unchanged at 0.35%. The bank card default rate increased 25 basis points to 2.52%.

Two of the five major metropolitan statistical areas showed higher default rates compared to last month. Miami had the largest increase, up four basis points to 0.80%. Chicago rose one basis point to 0.53%. Dallas fell four basis points to 0.52% while New York dropped two basis points to 0.78%. Los Angeles was one basis point lower at 0.38%.

The table below summarizes the April 2022 results for the S&P/Experian Consumer Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.

 

Index Levels – National Indices

Index

 April 2022 

 March 2022 

 April 2021

Composite

0.50

0.48

0.50

 First Mortgage 

0.35

0.35

0.33

Bank Card

2.52

2.27

3.23

Auto Loans

0.58

0.56

0.43

Source: S&P/Experian Consumer Credit Default Indices

Data through April 2022

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Last modified on Tuesday, 24 May 2022 14:40