KBRA Releases Auto Loan ABS Indices for June 2021
June remittance reports showed securitized auto loans exhibited higher delinquencies during the May collection period. Early-stage delinquencies (30-59 days past due) in KBRA's Prime Auto Loan Index climbed 14 basis points (bps) month-over-month (MoM) to 0.73%, while late-stage delinquencies (60+ days past due) rose 1 bp to 0.23%. Meanwhile, early- and late-stage delinquencies in KBRA's Non-Prime Auto Loan Index were up 91 bps and 24 bps MoM, respectively, coming in at 6.12% and 3%. Annualized net losses held relatively steady in both indices and remain well below ther year-ago levels. The decline in net loss rates over the past year was driven by favorable delinquency metrics and a strong used car market, which has helped to keep recovery rates at elevated levels.
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KBRA is a full-service credit rating agency registered in the U.S., the EU and the UK, and is designated to provide structured finance ratings in Canada. KBRA's ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.
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