Auto loan ABS performance varies meaningfully across the U.S. Although some of this geographic dispersion reflects differences in borrower credit quality and shelf composition, the broad pattern persists after adjusting for these factors. Most auto ABS transactions are geographically diversified, limiting the impact of any single state on overall deal performance. However, geographic differences may be more relevant for whole-loan buyers and for securitizations with outsized concentrations in states performing meaningfully above or below expectations, particularly when those concentrations differ from a shelf’s historical geographic footprint.
Key Takeaways
The Southeast reported the greatest credit stress, accounting for four of the five highest 60+ day delinquency rates during 1H 2026: Mississippi (4.57%), South Carolina (4.54%), Georgia (4.46%), and Louisiana (4.17%). New Mexico (4.40%) was also among the five weakest states. Vermont (1.50%), Minnesota (1.58%), Maine (1.86%),…
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