Annualized net losses in KBRA’s Prime and Non-Prime indices remained relatively steady month-over-month (MoM), while delinquency rates moved higher across both sectors. The prime net loss rate was unchanged MoM at 0.54%, while the non-prime rate increased a modest 19 basis points (bps) to 9.06%. Meanwhile, early-stage (30–59 days) and late-stage (60+ days) delinquencies increased 10 bps and 3 bps MoM, respectively, in the prime index, and moved up 51 bps and 39 bps MoM, respectively, in the non-prime index.
On a year-over-year (YoY) basis, the prime index remained broadly stable, with net losses and both delinquency measures only 2 bps–4 bps above June 2025 levels. In the non-prime index, net losses, early-stage delinquencies, and late-stage delinquencies climbed 39 bps, 67 bps, and 19 bps YoY, respectively.
As expected, the MoM increase in delinquencies is consistent with seasonal trends, as the benefit from tax refunds fades and summer spending begins to place…
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