Annualized net losses increased in KBRA’s Prime and Non-Prime U.S. Auto Loan ABS Indices in July, while delinquency performance remained relatively stable month-over-month (MoM). The prime net loss rate increased 13 basis points (bps) MoM to 0.66%, while the non-prime rate climbed 40 bps to 9.46%. Meanwhile, early-stage (30-59 days) delinquencies were unchanged MoM in the prime index and increased just 4 bps in the non-prime index. Late-stage (60+ days) delinquencies increased 2 bps and 19 bps MoM in the prime and non-prime indices, respectively.
On a year-over-year (YoY) basis, the prime index remained broadly stable, with net losses unchanged and both delinquency measures moving 1 bp or less YoY. By contrast, credit performance in the non-prime index remained weaker, with net losses, early-stage delinquencies, and late-stage delinquencies climbing 61 bps, 64 bps, and 26 bps YoY, respectively.
The MoM increase in net losses and most delinquency metrics is consistent…
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