August remittance reports reflected softening credit performance across securitized prime and non-prime auto loan pools during the July collection period. Annualized net losses have increased for a second consecutive month across both indices, up 7 basis points (bps) month-over-month (MoM) and 17 bps year-over-year (YoY) to 0.48% in our prime index and 126 bps MoM and 170 bps YoY, landing at 8.19% in our non-prime index.
Delinquency rates climbed higher in both indices, with the percentage of prime receivables categorized between 30-59 days past due rising 10 bps MoM and 15 bps YoY to 1.15%, while non-prime early-stage delinquencies came in at 9.09%, up 34 bps MoM and 46 bps YoY. Late-stage (60+ days) delinquencies landed at 0.47% and 5.63% in our prime and non-prime indices, respectively, up 3 bps MoM and 8 bps YoY in the prime index and 26 bps and 36 bps YoY in the non-prime index (see Figure 1 and Figure 2).
Given the successive drop in used vehicle prices since March