Auto Loan Default Rate Rises

By Staff Writer July 19, 2022 589

S&P Dow Jones Indices and Experian released data through June 2022 for the S&P/Experian Consumer Credit Default Indices. The auto loan default rate was one basis point higher at 0.62% while the first mortgage default rate was up two basis points to 0.38%. The bank card default rate climbed six basis points to 2.55%.

The indices represent a comprehensive measure of changes in consumer credit defaults and show that the composite rate rose two basis points to 0.53%.

Four of the five major metropolitan statistical areas showed higher default rates compared to last month. Miami had the largest increase, up 15 basis points to 0.99%. Chicago and Dallas each rose five basis points, to 0.58% and 0.57% respectively. Los Angeles was one basis point higher at 0.46%. New York dropped six basis points to 0.71%.

Index Levels – National Indices

       

Index

June 2022

May 2022

June 2021

Composite

0.53

0.51

0.41

First Mortgage

0.38

0.36

0.26

Bank Card

2.55

2.49

2.83

Auto Loans

0.62

0.61

0.30

Source: S&P/Experian Consumer Credit Default Indices

Data through June 2022

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Last modified on Monday, 25 July 2022 11:21