Auto Loan Default Rate at Highest Level Since December 2020
NEW
YORK, May 17, 2022 /PRNewswire/ --
S&P Dow Jones Indices and Experian released today data through
April 2022 for the S&P/Experian
Consumer Credit Default Indices. The indices represent a
comprehensive measure of changes in consumer credit defaults and
show that the composite rate rose two basis points to 0.50%. The
bank card default rate increased 25 basis points to 2.52%. The auto
loan default rate rose two basis points to 0.58% while the first
mortgage default rate was unchanged at 0.35%.
Two of the five major metropolitan statistical areas ("MSAs")
showed higher default rates compared to last month. Miami had the largest increase, up four basis
points to 0.80%. Chicago rose one
basis point to 0.53%. Dallas fell
four basis points to 0.52% while New
York dropped two basis points to 0.78%. Los Angeles was one basis point lower at
0.38%.
The table below summarizes the April
2022 results for the S&P/Experian Consumer Credit
Default Indices. These data are not seasonally adjusted and are not
subject to revision.
Index Levels –
National Indices
|
|
|
|
|
Index
|
April
2022
|
March
2022
|
April
2021
|
Composite
|
0.50
|
0.48
|
0.50
|
First
Mortgage
|
0.35
|
0.35
|
0.33
|
Bank Card
|
2.52
|
2.27
|
3.23
|
Auto Loans
|
0.58
|
0.56
|
0.43
|
Source:
S&P/Experian Consumer Credit Default Indices
|
Data through April
2022
|
The table below provides the index levels for the five major
MSAs tracked by the S&P/Experian Consumer Credit Default
Indices.
Index Levels – Major
MSAs
|
|
|
|
|
MSA
|
April
2022
|
March
2022
|
April
2021
|
New York
|
0.78
|
0.80
|
0.83
|
Chicago
|
0.53
|
0.52
|
0.50
|
Dallas
|
0.52
|
0.56
|
0.51
|
Los Angeles
|
0.38
|
0.39
|
0.52
|
Miami
|
0.80
|
0.76
|
1.04
|
Source:
S&P/Experian Consumer Credit Default Indices
|
Data through April
2022
|
For more information about S&P Dow Jones Indices, please
visit www.spglobal.com/spdji/en/.
ABOUT THE S&P/EXPERIAN CONSUMER CREDIT DEFAULT INDICES
Jointly developed by S&P Dow Jones Indices LLC and Experian,
the S&P/Experian Consumer Credit Default Indices are published
on the third Tuesday of each month at 9:00
am ET. They are constructed to track the default experience
of consumer balances in four key loan categories: auto, bankcard,
first mortgage lien and second mortgage lien. The Indices are
calculated based on data extracted from Experian's consumer credit
database. This database is populated with individual consumer loan
and payment data submitted by lenders to Experian every month.
Experian's base of data contributors includes leading banks and
mortgage companies, and covers approximately $11 trillion in outstanding loans sourced from
11,500 lenders.
For more information, please visit:
www.spindices.com/indices/indicators/sp-experian-consumer-credit-default-composite-index.
ABOUT S&P DOW JONES
INDICES
S&P Dow Jones Indices is the largest global resource for
essential index-based concepts, data and research, and home to
iconic financial market indicators, such as the S&P
500® and the Dow Jones Industrial Average®.
More assets are invested in products based on our indices than
products based on indices from any other provider in the world.
Since Charles Dow invented the first
index in 1884, S&P DJI has been innovating and developing
across the spectrum of asset classes helping to define the way
investors measure and trade the markets.
S&P Dow Jones Indices is a division of S&P Global (NYSE:
SPGI), which provides essential intelligence for individuals,
companies and governments to make decisions with confidence. For
more information, visit www.spglobal.com/spdji/en/.
ABOUT EXPERIAN
Experian is the world's leading global information services
company. During life's big moments – from buying a home or a car,
to sending a child to college, to growing a business by connecting
with new customers – we empower consumers and our clients to manage
their data with confidence. We help individuals to take financial
control and access financial services, businesses to make smarter
decisions and thrive, lenders to lend more responsibly, and
organizations to prevent identity fraud and crime.
We have 17,800 people operating across 45 countries and every
day we're investing in new technologies, talented people and
innovation to help all our clients maximize every opportunity. We
are listed on the London Stock Exchange (EXPN) and are a
constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global
content hub at our global news blog for the latest news and
insights from the Group.
FOR MORE INFORMATION:
Ray McConville
North America Communications
New York, USA
(+1) 212 438 1678
raymond.mcconville@spglobal.com
Annie Russell
Experian
Public Relations
(+1) 714 830 7927
annie.russell@experian.com
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SOURCE S&P Dow Jones Indices