Auto Loan Defaults Rise

By Staff Writer August 20, 2020

The auto loan default rate rose 7 basis points to 0.47 percent in July 2020, according to S&P Dow Jones Indices and Experian data released 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 was unchanged at 0.66 percent. The bank card default rate fell 37 basis points to 3.86 percent and the first mortgage default rate was 3 basis points higher at 0.44 percent.

The auto default rate level is down year-over-year. In July 2019, the rate was 0.89.

Three out of the five major metropolitan statistical areas showed higher default rates compared to last month. Miami showed the largest increase, up 43 basis points to 1.83 percent. New York was 12 basis points higher at 0.86 percent, while Los Angeles was up three basis points to 0.75 percent. Dallas fell five basis points to 0.61 percent and Chicago was two basis points lower at 0.67 percent.

The table below summarizes the July 2020 results for the S&P/Experian Consumer Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.

National Indices


 July 2020

 Index Level

 June 2020

 Index Level

 July 2019

 Index Level





 First Mortgage




 Bank Card




 Auto Loans




 Data through July 2020

 *Source: S&P/Experian Consumer Credit Default Indices

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Last modified on Monday, 24 August 2020 14:11