KBRA’s Prime and Non-Prime U.S. Auto Loan ABS Indices showed improved credit performance in April, with month-over-month (MoM) improvements across major credit metrics in our non-prime index and stable metrics in our prime index. Our prime and non-prime indices saw annualized net losses fall 3 basis points (bps) and 64 bps MoM, respectively, while the percentage of borrowers 60+ days past due declined 5 bps for prime borrowers and 53 bps for non-prime borrowers. Early-stage (30-59 days) delinquencies were the only MoM metric to rise in the prime index, increasing just 4 bps, while the non-prime index decreased 13 bps.
Meanwhile, year-over-year (YoY) performance deteriorated in the non-prime index, with weaker performance across all major credit metrics. This sector saw net losses, early-stage delinquencies, and late-stage delinquencies rise 77, 61, and 49 bps YoY, respectively. In contrast, the prime index displayed stable performance when compared to last year’s…
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