KBRA’s Prime and Non-Prime U.S. Auto Loan ABS Indices showed generally stronger performance in May, with month-over-month (MoM) improvements across most major credit metrics. Annualized net losses fell 13 basis points (bps) and 47 bps MoM in our prime and non-prime indices, respectively. Meanwhile, delinquency performance showed more variation by sector, with stable or improving trends in the prime index and mixed performance in the non-prime sector. The prime index recorded an 11 bp MoM decline in the early-stage (30-59 days) delinquency rate, while the late-stage (60+ days) delinquency rate remained largely stable, rising just 1 bp. In contrast, the early-stage metric deteriorated in the non-prime index, increasing 31 bps MoM, while late-stage delinquencies improved, falling 12 bps.
Meanwhile, year-over-year (YoY) credit performance deteriorated in the non-prime index and was only marginally weaker in the prime index. The non-prime sector saw net losses, early-stage…
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