Monthly Overview
KBRA’s Prime U.S. Auto Loan ABS Index showed mostly improved performance, with annualized net losses falling 7 basis points (bps) month-over-month (MoM) and late-stage delinquencies (60+ days) remaining flat. Early-stage delinquencies (30-59 days) were the only prime index metric to rise MoM, increasing 6 bps. On the other hand, our non-prime index performance deteriorated MoM, with increases across all credit metrics. Non-prime net losses increased 92 bps MoM, while early- and late-stage delinquencies increased 44 bps and 21 bps MoM, respectively.
On a year-over-year (YoY) basis, the indices followed similar trends to their MoM performance. Net losses declined 8 bps YoY in the prime index and increased 58 bps in the non-prime index, while early-stage delinquencies edged higher in both indices. Late-stage delinquencies remained flat for the prime pool and climbed 42 bps in the non-prime index.
Figures 1-14 show performance metrics over the last five to eight years, while…