U.S. auto loan ABS performance was mixed for September 2024. Although annualized losses improved for both the prime and subprime sectors month-over-month, on a year-over-year basis, prime losses rose significantly while subprime losses declined. Both segments also continued to report higher loss levels relative to pre-COVID-19 pandemic levels.

Further, while prime 60-plus-day delinquencies declined for September relative to August 2024, delinquencies increased to the highest September level since 2010 for prime and the highest ever September level for subprime. Recovery rates were also depressed for the month, declining to 51.40% for prime (the lowest September level since 2008) and 36.20% for subprime (the lowest September level since 2007). The prime 2023 vintage and first-quarter 2024 vintage are showing deterioration relative to 2022. However, subprime 2023 and first-quarter 2024 vintage static pool cumulative net losses (CNLs) are trending lower than the 2022 highly elevated levels and are on par with 2016's and 2017's levels.

Prime Losses Reach Highest Level Since September 2010 While Subprime Losses Declined Year-Over-Year

Annualized prime sector net losses decreased month-over-month to 0.74% in September 2024 from 0.78% in August 2024, but remained above the 0.58% of September 2023 and 0.57% for September 2019. Prime losses for September 2024 were also at their highest September level since Sept 2010.

Annualized subprime sector losses contracted month-over-month, as well as year-over-year to 8.86%% for September 2024 from 9.64% in August 2024 and 9.06% in September 2023; however, they remained above September 2019's level of 8.57%.

Some of the major contributors to the year-over-year increase in prime losses were CarMax Auto Owner Trust (CarMax), Hyundai Auto Receivables Trust, and Stellantis Financial Services Auto Receivables Securitization Trust.

The top contributors to the year-over-year decrease in subprime net losses were Exeter Automobiles Receivables Trust (Exeter), Flagship Credit Auto Trust (Flagship), Santander Drive Auto Receivables Trust (SDART), and Westlake Automobile Receivables Trust (Westlake).

Table 1

Net loss rate composite(i)
	Sep-10	Sep-15	Sep-16	Sep-17	Sep-18	Sep-19	Sep-20	Sep-21	Sep-22	Sep-23	Aug-24	Sep-24
Prime (%)	0.88	0.50	0.63	0.68	0.61	0.57	0.21	0.17	0.38	0.58	0.78	0.74
Subprime (%)	6.67	8.07	8.86	8.49	8.56	8.57	3.54	4.11	7.55	9.06	9.64	8.86
(i)Represents monthly annualized losses.

Recoveries Declined And Reached Lowest September Levels

Prime sector recoveries declined significantly month-over-month to 51.36% in September 2024 from 67.13% in August, and are also below the September 2023 (53.21%) and September 2019 (53.90%) levels. Likewise, subprime sector recoveries declined to 36.23% in September 2024 from 36.60% in August, and remained below the September 2023 (38.88%) and June 2019 (41.24%) levels.

For both prime and subprime sectors, recoveries were at their lowest September levels since 2008 and 2007, respectively. While used vehicle values have generally continued to decline from their peak in mid-2022, given Hurricane Helene, which made landfall on Sept. 26, 2024, some lenders may have chosen not to or could not liquidate certain repossessed vehicles during the month, thereby causing recovery rates to be lower than they otherwise would have been.

Table 2

Recovery rate composite(i)
	Sep-10	Sep-15	Sep-16	Sep-17	Sep-18	Sep-19	Sep-20	Sep-21	Sep-22	Sep-23	Aug-24	Sep-24
Prime (%)	58.44	59.38	57.70	52.85	52.01	53.90	79.91	88.69	60.74	53.21	67.13	51.36
Subprime (%)	40.71	39.95	39.69	39.25	39.42	41.24	57.92	52.03	44.57	38.88	36.60	36.23
(i)Represents monthly annualized losses.

60-Plus-Day Delinquencies Rose To The Highest September Level Since 2010 For Prime And Highest Ever September Level For Subprime

Prime sector 60-plus-day and 30-plus-day delinquencies marginally decreased month-over-month in September 2024 to 0.60% and 1.89% from 0.63% and 1.93%, respectively. Nevertheless, the delinquencies remained well above the September 2023 and September 2019 levels and were the highest September level since 2010.

Subprime sector 60-plus-day delinquencies rose month-over-month to 6.07% in September 2024 from 5.90% in August 2024, and reached the highest ever September level. Similarly, 30-plus-day delinquencies also increased month-over-month to 16.05% in September 2024 from 15.59% in August 2024, and remained well above the September 2023 (15.88%) and September 2019 (14.47%) levels.

Table 3

60-plus-day delinquency rate composite(i)
	Sep-10	Sep-15	Sep-16	Sep-17	Sep-18	Sep-19	Sep-20	Sep-21	Sep-22	Sep-23	Aug-24	Sep-24
Prime (%)	0.58	0.45	0.46	0.45	0.42	0.42	0.33	0.31	0.44	0.55	0.63	0.60
Subprime (%)	3.46	4.75	5.04	4.95	5.36	5.27	3.68	3.71	5.30	5.95	5.90	6.07
(i)Represents 60+ day delinquencies.

Table 4

30-plus-day delinquency rate composite(i)
	Sep-19	Sep-20	Sep-21	Sep-22	Sep-23	Aug-24	Sep-24
Prime (%)	1.43	1.15	1.15	1.46	1.72	1.93	1.89
Subprime (%)	14.47	10.42	10.87	14.26	15.88	15.59	16.05
(i)Represents 30+ day delinquencies.

Extensions: Month-Over-Month Extensions Marginally Increased For Prime And Decreased For Subprime Sectors

Prime extensions

The weighted average prime extension rate increased marginally month-over-month to 0.63% in September 2024 from 0.61% in August 2024, and were substantially higher than the September 2023 (0.46%) level.

With the exception of CarMax, Hurricane Helene (which made landfall on Sept. 26, 2024) seems to have had a minimal impact on September extensions because most shelves reported little movement in their month-to-month extension rates. CarMax's extensions increased to 1.65% in September from 1.25% in August. World Omni, which has the largest exposure to the southeastern U.S., didn't report higher extensions; however, it's still early. Additionally, extensions related to Hurricane Milton, which struck a similar but wider geographical area on Oct. 9, 2024, will likely surface in the October and potentially November statistics.

The prime issuers that saw significant year-over-year increases in extensions were CarMax (increased by 61 basis points [bps] to 1.65% from 1.04%), and Carvana Auto Receivables Trust (Carvana) Prime (increased by 53 bps to 0.92% from 0.39%).

The prime issuers that saw significant increases in extensions compared to the pre-COVID-19 pandemic September 2019 period were CarMax (increased by 121 bps to 1.65% from 0.44%),and Mercedes-Benz Auto Receivables Trust (Mercedes-Benz; increased by 57 bps to 0.75% from 0.18%).

Subprime extensions

The weighted average extension rate for public subprime shelves decreased to 3.19% in September 2024 from 3.30% in August, but increased from 2.48% in September 2023 and 2.06% for September 2019. The weighted average extension rate for 144a subprime shelves also declined month-over-month to 3.59% in September 2024 from 3.72% in August, and also declined year-over-year from 4.99% in September 2023. In addition, they were only slightly higher than September 2019's level of 3.71%.

The issuer that reported the highest change in month-over-month extensions is Carvana Subprime (to 4.18% from 3.66%).

The subprime issuers that saw significant year-over-year increases in extensions were Carvana Subprime (increased by 221 bps to 4.18% from 1.97%) and DriveTime Automotive Group (DriveTime)\Bridgecrest (increased by 191 bps to 4.94% from 3.03%).

The subprime issuers that saw significant increases in extensions compared to the pre-COVID-19 pandemic September 2019 period were DriveTime/Bridgecrest (increased by 262 bps to 4.94% from 2.32%), Exeter (increased by 177 bps to 5.72% from 3.95%), Prestige Auto Receivables Trust (Prestige; increased by 162 bps to 3.89% from 2.27%), CPS Auto Receivables Trust (CPS; increased by 97 bps to 4.42% from 3.45%), Westlake (increased by 75 bps to 6.17% from 5.42%), and American Credit Acceptance (increased by 55 bps to 3.69% from 3.14%).

Among subprime issuers, America's Car-Mart has the highest extension rates (7.08% for September 2024) but these are also inclusive of other types of modifications.

We'll continue to watch extensions over the next few months to assess the impacts of Hurricanes Helene and Milton on performance.

Table 5a

Prime issuer extensions
Based on dollar balance
	(%)
	Sept. 2019	Sept. 2020	Sept. 2021	Sept. 2022	Sept. 2023	Aug. 2024	Sept. 2024
Ally	0.41	0.69	0.60	0.48	0.65	0.77	0.67
BMW	0.13	0.36	0.21	0.12	0.20	0.26	0.20
Capital One	0.02	0.39	0.13	0.09	0.07	0.10	0.10
CarMax	0.44	0.66	0.51	0.72	1.04	1.25	1.65
Carvana Prime	N/A	N/A	0.12	0.48	0.39	0.88	0.92
Citizens	N/A	N/A	N/A	N/A	N/A	0.30	0.24
Ent	N/A	N/A	N/A	N/A	N/A	0.09	0.10
Fifth Third	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Ford Credit	0.80	1.12	0.87	0.96	1.01	1.14	1.00
GECU(i)	N/A	N/A	N/A	N/A	N/A	0.04	0.04
GM Financial	0.32	0.43	0.35	0.37	0.43	0.50	0.45
GTE Credit Union	N/A	N/A	N/A	N/A	N/A	0.24	0.24
Harley-Davidson	0.30	0.48	0.30	0.34	0.55	0.59	0.58
Honda	0.16	0.35	0.15	0.11	0.16	0.24	0.20
Hyundai	0.34	0.33	0.40	0.36	0.36	0.54	0.48
Mercedes-Benz	0.18	0.75	0.37	0.43	0.72	0.78	0.75
Nissan	0.57	0.84	0.55	0.37	0.27	0.30	0.31
OCCU Credit Union	N/A	N/A	N/A	N/A	N/A	1.21	1.38
Porsche Financial	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Stellantis Financial	N/A	N/A	N/A	N/A	N/A	0.00	0.00
Toyota	0.34	0.44	0.28	0.24	0.32	0.42	0.38
USAA	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Veridian	N/A	N/A	N/A	N/A	N/A	0.98	0.88
Volkswagen	0.16	0.24	0.19	0.13	0.17	0.34	0.34
World Omni	0.48	0.54	0.34	0.51	0.58	0.61	0.62
Prime average	0.38	0.55	0.41	0.36	0.46	0.61	0.63
(i)Reported modifications for GECU. Ally--Ally Auto Receivables Trust. CarMax--CarMax Auto Owner Trust. Carvana--Carvana Auto Receivables Trust. Ent--Ent Auto Receivables Trust. GECU--GECU Auto Receivables Trust. GM Financial--GM Financial Consumer Automobile Receivables Trust. Hyundai--Hyundai Auto Receivables Trust. Mercedes-Benz--Mercedes-Benz Auto Receivables Trust. Stellantis Financial--Stellantis Financial Services Auto Receivables Securitization Trust. Toyota--Toyota Auto Receivables Owner Trust. USAA--USAA Auto Owner Trust. Volkswagen--Volkswagen Auto Loan Enhanced Trust. World Omni--World Omni Auto Receivables Trust. N/A--Not available.

Table 5b

Nonprime/Subprime issuer extensions
Based on dollar balance
	(%)
	Sept. 2019	Sept. 2020	Sept. 2021	Sept. 2022	Sept. 2023	Aug. 2024	Sept. 2024
American Credit Acceptance	3.14	2.26	2.60	4.53	4.22	3.86	3.69
ACM	N/A	N/A	N/A	N/A	8.52	7.84	7.08
AmeriCredit	2.73	2.90	2.52	3.00	3.22	3.67	3.16
Carvana Subprime	N/A	N/A	N/A	3.64	1.97	3.66	4.18
CPS	3.45	4.28	4.12	4.52	4.83	5.04	4.42
Drive	2.05	4.55	1.77	2.00	1.88	2.26	2.06
DriveTime(i)/Bridgecrest	2.32	1.64	4.21	4.21	3.03	6.19	4.94
Exeter	3.95	5.25	4.69	5.04	5.72	5.59	5.72
First Help Financial	N/A	N/A	N/A	N/A	N/A	0.17	0.20
First Investors	3.57	2.14	3.23	2.85	2.76	2.95	2.91
Flagship Credit	2.97	3.33	4.27	3.71	4.69	3.75	3.24
Foursight Capital	N/A	N/A	N/A	N/A	2.80	4.57	3.33
GLS	4.16	2.31	2.94	3.21	3.54	3.71	3.62
GLS Select	N/A	N/A	N/A	N/A	N/A	1.54	1.50
Driveway Finance (subsidiary of Lithia)	N/A	N/A	N/A	N/A	N/A	N/A	0.42
Lendbuzz	N/A	N/A	N/A	N/A	N/A	0.79	0.67
Prestige	2.27	2.40	2.76	4.54	4.07	3.91	3.89
SDART	1.56	3.36	1.39	1.65	1.70	1.96	1.80
Tidewater	1.66	1.68	1.51	1.36	1.23	0.73	0.64
United Auto Credit	4.31	3.05	3.51	4.27	5.04	3.51	3.74
Vstrong (Exeter)	N/A	N/A	N/A	N/A	N/A	3.42	3.07
Westlake	5.42	4.85	4.61	6.00	6.72	6.28	6.17
World Omni (nonprime)(ii)	N.A.	N.A.	N.A.	N.A.	1.78	1.79	1.77
Subprime average	2.81	3.62	3.00	3.04	3.53	3.53	3.42
(i)The September 2024 extension rate for DriveTime Automotive Group Inc. includes only series 2021-3 through 2023-3 and Bridgecrest Lending Auto Securitization Trust deals 2023-1, 2024-1 and 2024-2 (ii)World Omni Select (nonprime) includes series 2021-A and 2023-A for Aug. 2024 and Sept. 2024. AmeriCredit--AmeriCredit Automobile Receivables Trust. Carvana--Carvana Auto Receivables Trust. CPS--CPS Auto Receivables Trust. DriveTime--DriveTime Automotive Group. Exeter--Exeter Automobile Receivables Trust. First Investors--First Investors Auto Owner Trust. Flagship Credit--Flagship Credit Auto Trust. Foursight Capital--Foursight Capital Automobile Receivables Trust. GLS--GLS Auto Receivables Issuer Trust. Lendbuzz--Lendbuzz Securitization Trust. Prestige--Prestige Auto Receivables Trust. SDART--Santander Drive Auto Receivables Trust. United Auto Credit--United Auto Credit Securitization Trust. Westlake--Westlake Automobile Receivables Trust. World Omni--World Omni Auto Receivables Trust. N/A--Not applicable. N.A.--Not available.

Static Pool Performance And Auto Loan Static Index (ALSI)

The prime index's performance continues to deteriorate for the 2023 and first-quarter 2024 vintages, while improved underwriting standards in the subprime space, are helping the 2023 and first-quarter 2024 vintages relative to 2022.

Prime: CNLs for 2023 and first-quarter 2024 CNLs are tracking higher than 2016 through 2022 vintages

The prime 2023 and first-quarter 2024 vintages are continuing to trend worse than prior vintages as evidenced by CNLs tracking higher than for the 2016 (which was the last vintage unaffected by COVID-19 stimulus) through the 2022 vintages. This deterioration is due to both higher cumulative gross losses (CGLs) and lower cumulative recoveries.(For prime issuer-specific CNL performance, see charts 16-38.)

In addition, the 30-plus-day and 60-plus-day delinquencies for the 2023, first-quarter 2024, and second-quarter 2024 vintages are showing early warning signs of stress as they are trending worse than the historical vintages of 2016 through 2022. Delinquencies at the back-end of the 2021 and 2022 vintages are also rising at a steep rate relative to prior vintages.

The pools experiencing deterioration and for which we've recently raised our expected CNLs (ECNLs) are the nine CarMax series from 2021-4 through 2023-4, Mercedes-Benz series 2022-1, 2023-1, and 2023-2, Ent Auto Receivables Trust series 2023-1, and USAA Auto Owner Trust series 2022-A and 2023-A. However, all of these transactions' ratings were either upgraded or affirmed despite the increase in the ECNL.

Subprime: CNLs for 2023 and subsequent vintages are showing improvement relative to 2022

Unlike the prime index, the subprime index continued to report improvement in the 2023 and first-quarter 2024 vintages relative to 2022, and the subprime sector's highest loss vintage since 2008. For example, the 2023 vintage at month 11 has CNLs of 4.27%, which is down from 4.90% for the 2022 vintage at the same month. This is in line with CNLs for the 2016 and 2017 cohorts at the same time. Also, first-quarter 2024 is tracking slightly below 2023. Lower CNLs on these more recent vintages is due to lower CGLs as recoveries continue to trend lower than historical averages. (For subprime issuer-specific CNL performance, see charts 39-56.)

30-plus-days and 60-plus-days delinquency levels for the 2023 and subsequent cohorts are trending substantially lower than 2022. We view this as a positive because it indicates that the credit quality of these vintages remain stronger than 2022.

Issuer-Specific CNL Performance:

Prime

• Of the nine issuers that securitized in both 2023 and first-quarter 2024, seven of them are reporting higher CNLs for the first-quarter 2024 vintage. Of these seven, three (Ally Auto Receivables Trust, CarMax, and Mercedes-Benz) are experiencing significant deterioration for the first-quarter 2024 vintage relative to their historical levels from 2016-2019 at the same seasoning point.
• Additionally, of the 16 issuers that securitized in both 2022 and 2023, 14 (88.00%) are reporting higher losses on their 2023 vintage. However, the degree of deterioration varies by issuer with the greatest increases being realized by Volkswagen Auto Loan Enhanced Trust, Mercedes-Benz, and CarMax.
• Given the weaker performance for several 2023 issuances, we have revised and raised our ECNLs for many of these transactions that had at least 12 months of performance data. Even so, at this time, the transactions still have sufficient credit enhancement to absorb the higher losses at the requisite multiple. As a result, there have been no negative rating actions in the prime sector this year.

Nonprime/subprime

• Of the 13 shelves that had issuances in both 2023 and first-quarter 2024, only four are reporting higher losses on the first-quarter 2024 vintage and the magnitude of the increase is small.
• Of the 15 issuers that securitized in 2023 and 2022, nine (60.00%) are reporting higher CNLs on their 2023 vintage than for 2022. Those reporting the greatest increases year-over-year are First Investors Auto Owner Trust and Foursight Capital Automobile Receivables Trust (Foursight).
• Due to tighter credit standards, those issuers that had reported the most deterioration on their 2022 pools, are currently reporting lower losses on their 2023 securitizations relative to 2022. These companies include American Credit Acceptance, Exeter, United Auto Credit Securitization Trust (UAC), Prestige, and Westlake. SDART, whose losses had risen slightly for its 2022 vintage, is also experiencing lower losses on its 2023 issuances than for 2022.
• We recently reviewed and raised our ECNLs on Foursight's 2022-2, 2023-1, and 2023-2 series; various CPS transactions from 2020 through 2023; GLS Auto Receivables Issuer Trust's series from 2020 through 2023-3; and various transactions from Flagship from 2019, 2020, 2021, and 2023. These reviews resulted in upgrades and affirmations, and no downgrades.
• We currently have 'CC (sf)' ratings on the class E notes from Flagship's 2022-2 series and UAC's 2022-2 series.

Auto Loan ABS Rating Activity/Revised Loss Expectations

In October, we reviewed 52 U.S. ABS auto loan transactions. Of these, we revised our loss expectations on 42 (raised 28 and lowered 14) and maintained 10. Overall, our reviews resulted in 58 upgrades, 135 affirmations, and no downgrades (for more details on the specific rating actions, see the Related Research list below).

Additionally, we reviewed one Canadian ABS auto loan transaction, where we maintained the loss expectations and affirmed the ratings on four tranches.

As of October 2024, there have been 240 upgrades, 11 downgrades, and 483 affirmations on U.S. auto loan ABS transactions in 2024.

Table 6

Surveillance actions
		Rating action (by class)							ECNL (no. of transactions)
Date	Issuer	Transactions reviewed	Upgrades	Downgrades	Affirmations	CreditWatch	Removed from Credit Watch	CreditWatch extended	Increased	Decreased	Maintained
Prime
10/7/2024	USAOT	2	1		6				2
10/9/2024	MBART	4			9				3		1
10/30/2024	FAST	1			4					1
10/31/2024	Ent	1			6				1
10/31/2024	CAOT	13	12		57				9	3	1
Subprime
10/1/2024	FCART	3	7		6				3
10/14/2024	CPSART	8	12		12				6	2
10/14/2024	GCAR	9	12		10				1	6	2
10/21/2024	FCAT	12	14		25				3	3	6
Total		53	58		135				28	15	10
USAOT--USAA Auto Owner Trust. MBART--Mercedes-Benz Auto Receivables Trust. FCART-- Foursight Capital Auto Receivables Trust. CPSART-- CPS Auto Receivables Trust. GCAR--GLS Auto Receivables Issuer Trust. FCAT--Flagship Credit Auto Trust. FAST--Ford Auto Securitization Trust. Ent--Ent Auto Receivables Trust. CAOT--CarMax Auto Owner Trust. ECNLs--Expected cumulative net losses.

Table 17

Ford Auto Securitization Trust II
Series	Original lifetime CNL exp.	Previous revised lifetime CNL exp.(i)	Revised lifetime CNL exp.(ii)
2022-A	1.15	0.75	0.40
(i)As of November 2023. (ii)As of October 2024 distribution date. CNL exp.--Cumulative net loss expectations.

Appendix I: Tables

Table 18

Prime cumulative net losses (%)(i)
	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016(ii)	2017	2018	2019	2020	2021	2022	2023	Q1 2024	Q2 2024
No. of deals	31	37	26	28	20	31	23	29	21	29	33	35	40	31	33	40	43	14	12
Initial collateral balance (bil. $)	49.02	53.20	41.25	33.45	22.77	40.72	27.93	31.22	24.03	36.23	41.35	44.25	50.99	41.74	45.08	52.87	71.15	20.05	17.27
Month
1	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.01	0.00	0.00	0.01	0.00	0.00
2	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.02	0.01	0.01	0.01	0.02	0.02	0.01
3	0.04	0.05	0.05	0.03	0.02	0.02	0.03	0.03	0.03	0.04	0.04	0.04	0.04	0.03	0.02	0.02	0.04	0.05	0.03
4	0.09	0.11	0.09	0.06	0.05	0.04	0.05	0.05	0.07	0.07	0.07	0.08	0.07	0.05	0.04	0.05	0.08	0.10	0.07
5	0.15	0.19	0.14	0.09	0.07	0.06	0.08	0.08	0.10	0.11	0.11	0.11	0.11	0.08	0.06	0.08	0.12	0.14
6	0.22	0.27	0.18	0.12	0.09	0.08	0.11	0.11	0.13	0.15	0.15	0.15	0.15	0.11	0.09	0.11	0.16	0.19
7	0.29	0.35	0.23	0.15	0.12	0.10	0.14	0.14	0.16	0.19	0.18	0.18	0.19	0.13	0.11	0.14	0.21	0.24
8	0.35	0.44	0.28	0.18	0.15	0.12	0.17	0.17	0.20	0.23	0.22	0.21	0.22	0.15	0.13	0.17	0.25
9	0.42	0.53	0.33	0.21	0.17	0.15	0.20	0.20	0.23	0.26	0.25	0.24	0.25	0.17	0.15	0.20	0.29
10	0.50	0.63	0.37	0.24	0.19	0.17	0.22	0.22	0.26	0.30	0.29	0.27	0.28	0.18	0.17	0.23	0.34
11	0.58	0.72	0.41	0.26	0.22	0.19	0.25	0.24	0.29	0.34	0.32	0.30	0.31	0.19	0.19	0.26
12	0.67	0.81	0.45	0.29	0.24	0.21	0.28	0.27	0.32	0.38	0.35	0.33	0.34	0.20	0.21	0.30
13	0.75	0.90	0.48	0.31	0.27	0.23	0.30	0.29	0.35	0.41	0.39	0.36	0.37	0.21	0.23	0.33
14	0.84	0.98	0.51	0.34	0.29	0.26	0.33	0.32	0.38	0.45	0.42	0.39	0.39	0.22	0.26	0.36
15	0.93	1.07	0.54	0.36	0.31	0.28	0.36	0.34	0.41	0.48	0.45	0.42	0.41	0.23	0.28	0.39
16	1.02	1.14	0.58	0.38	0.33	0.30	0.38	0.37	0.43	0.51	0.48	0.45	0.43	0.24	0.30	0.42
17	1.12	1.22	0.61	0.40	0.35	0.32	0.40	0.39	0.46	0.54	0.50	0.48	0.45	0.25	0.32	0.45
18	1.21	1.29	0.64	0.42	0.37	0.33	0.43	0.42	0.48	0.57	0.53	0.50	0.46	0.26	0.34	0.48
19	1.30	1.36	0.67	0.44	0.39	0.35	0.45	0.44	0.51	0.60	0.55	0.53	0.47	0.27	0.36	0.51
20	1.39	1.43	0.69	0.46	0.41	0.37	0.47	0.46	0.53	0.62	0.58	0.55	0.48	0.28	0.38
21	1.47	1.49	0.72	0.47	0.43	0.38	0.49	0.48	0.55	0.65	0.60	0.58	0.49	0.29	0.40
22	1.56	1.55	0.74	0.49	0.44	0.40	0.50	0.50	0.57	0.67	0.62	0.60	0.50	0.30	0.41
23	1.63	1.60	0.76	0.50	0.46	0.41	0.52	0.52	0.60	0.70	0.64	0.61	0.51	0.30	0.43
24	1.71	1.65	0.77	0.51	0.47	0.43	0.54	0.54	0.62	0.72	0.66	0.63	0.51	0.31	0.45
25	1.78	1.69	0.79	0.53	0.49	0.44	0.55	0.55	0.64	0.74	0.68	0.64	0.52	0.32	0.47
26	1.84	1.73	0.80	0.54	0.50	0.45	0.57	0.57	0.65	0.76	0.70	0.65	0.53	0.32	0.48
27	1.91	1.76	0.82	0.55	0.52	0.46	0.58	0.58	0.67	0.78	0.71	0.67	0.53	0.33	0.50
28	1.97	1.79	0.83	0.56	0.53	0.47	0.59	0.60	0.69	0.80	0.73	0.68	0.54	0.34	0.51
29	2.02	1.82	0.84	0.57	0.54	0.48	0.61	0.62	0.70	0.81	0.74	0.68	0.54	0.35	0.52
30	2.07	1.85	0.85	0.57	0.55	0.49	0.62	0.63	0.72	0.83	0.76	0.69	0.54	0.35	0.54
31	2.11	1.88	0.86	0.58	0.56	0.50	0.63	0.65	0.73	0.84	0.78	0.69	0.54	0.36	0.55
32	2.15	1.91	0.87	0.59	0.57	0.50	0.64	0.66	0.74	0.85	0.79	0.69	0.55	0.37
33	2.18	1.95	0.89	0.52	0.58	0.51	0.65	0.67	0.75	0.86	0.81	0.70	0.55	0.37
34	2.21	1.97	0.90	0.53	0.59	0.52	0.66	0.68	0.76	0.87	0.82	0.70	0.55	0.37
35	2.24	1.98	0.91	0.53	0.60	0.52	0.66	0.70	0.77	0.88	0.83	0.70	0.56	0.38
36	2.27	2.01	0.92	0.54	0.61	0.53	0.67	0.71	0.77	0.89	0.84	0.70	0.56	0.38
37	2.30	2.16					0.68	0.71	0.78	0.90	0.85	0.70	0.56	0.39
38	2.32	2.17					0.68	0.72	0.79	0.92	0.86	0.70	0.56	0.39
39	2.34	2.19					0.69	0.73	0.79	0.93	0.86	0.70	0.57	0.39
(i)We extended the reporting period for the prime 2013 and subsequent vintages to 39 months from 36 to account for the lengthening of loan terms. (ii)Beginning in 2016, we included data from transactions not rated by S&P Global Ratings. Source: S&P Global Ratings.

Table 19

Subprime cumulative net losses (%)
	2007	2008	2009	2010	2011	2012(i)	2013	2014(ii)	2015	2016(iii)	2017	2018	2019	2020	2021	2022	2023	Q1 2024	Q2 2024
No. of deals	19	4	2	14	15	26	26	29	29	38	33	42	39	35	41	40	45	12	12
Initial collateral balance (bil. $)	17.35	2.52	1.13	10.83	6.82	14.03	13.68	14.53	18.63	22.32	20.46	27.26	25.41	25.92	38.36	34.06	31.5	9.74	9.04
Month
1	0.00	0.00	0.01	0.02	0.01	0.01	0.01	0.00	0.01	0.01	0.01	0.01	0.00	0.00	0.01	0.00	0.00	0.00	0.01
2	0.03	0.04	0.07	0.05	0.03	0.03	0.03	0.03	0.03	0.06	0.06	0.03	0.03	0.02	0.03	0.03	0.03	0.03	0.04
3	0.11	0.14	0.31	0.15	0.12	0.12	0.11	0.13	0.13	0.20	0.19	0.13	0.12	0.09	0.12	0.14	0.12	0.14	0.13
4	0.38	0.40	0.73	0.50	0.37	0.41	0.41	0.41	0.44	0.55	0.52	0.39	0.42	0.29	0.41	0.60	0.47	0.48	0.47
5	0.83	0.86	1.16	0.77	0.63	0.77	0.74	0.79	0.86	0.96	0.95	0.76	0.83	0.57	0.78	1.22	0.94	0.93
6	1.39	1.41	1.59	1.03	0.85	1.05	0.98	1.21	1.39	1.47	1.51	1.26	1.34	0.86	1.20	1.93	1.49	1.47
7	1.91	1.99	2.07	1.34	1.09	1.38	1.34	1.67	1.96	2.02	2.16	1.89	1.96	1.15	1.64	2.63	2.09
8	2.43	2.54	2.42	1.65	1.32	1.72	1.70	2.13	2.52	2.57	2.72	2.48	2.53	1.41	2.02	3.26	2.67
9	2.96	3.20	2.82	2.01	1.57	2.07	2.07	2.60	3.06	3.11	3.24	2.99	3.01	1.64	2.37	3.84	3.23
10	3.47	3.82	3.10	2.32	1.82	2.45	2.45	3.04	3.61	3.66	3.74	3.46	3.45	1.87	2.74	4.39	3.76
11	3.97	4.49	3.40	2.62	2.08	2.84	2.85	3.49	4.17	4.19	4.25	3.94	3.87	2.11	3.09	4.90	4.27
12	4.47	5.16	3.69	2.91	2.36	3.25	3.28	3.92	4.68	4.71	4.77	4.39	4.21	2.33	3.44	5.44
13	4.95	5.73	4.05	3.19	2.63	3.64	3.68	4.35	5.16	5.21	5.28	4.84	4.55	2.55	3.81	5.95
14	5.39	6.28	4.39	3.52	2.91	4.02	4.04	4.75	5.61	5.70	5.76	5.29	4.87	2.77	4.16	6.47
15	5.87	6.89	4.75	3.85	3.21	4.38	4.40	5.16	6.07	6.20	6.22	5.74	5.16	2.96	4.51	6.99
16	6.38	7.44	5.11	4.17	3.47	4.72	4.77	5.54	6.57	6.66	6.67	6.19	5.45	3.16	4.86	7.49
17	6.89	8.00	5.43	4.50	3.71	5.10	5.14	5.96	7.08	7.08	7.10	6.62	5.69	3.34	5.19	7.99
18	7.39	8.52	5.77	4.79	3.93	5.45	5.53	6.34	7.54	7.50	7.53	7.05	5.88	3.52	5.52	8.49
19	7.91	8.90	6.06	5.06	4.14	5.79	5.88	6.70	8.00	7.89	7.96	7.44	6.07	3.68	5.82	8.96
20	8.39	9.34	6.24	5.33	4.35	6.11	6.20	7.06	8.42	8.28	8.35	7.79	6.23	3.85	6.09
21	8.86	9.80	6.53	5.57	4.59	6.42	6.52	7.41	8.82	8.66	8.72	8.10	6.38	4.02	6.35
22	9.32	10.23	6.71	5.77	4.80	6.70	6.81	7.72	9.19	9.04	9.07	8.39	6.52	4.18	6.60
23	9.76	10.69	6.92	5.97	5.01	6.98	7.08	8.04	9.55	9.39	9.41	8.62	6.66	4.32	6.83
24	10.19	11.08	7.10	6.17	5.22	7.27	7.34	8.33	9.88	9.73	9.74	8.82	6.79	4.47	7.08
25	10.54	11.41	7.28	6.38	5.43	7.49	7.56	8.63	10.19	10.06	10.06	9.03	6.92	4.63	7.30
26	10.90	11.75	7.49	6.61	5.65	7.76	7.80	8.93	10.48	10.38	10.35	9.20	7.03	4.79	7.53
27	11.21	12.07	7.69	6.80	5.86	7.99	8.06	9.20	10.77	10.70	10.64	9.37	7.13	4.93	7.76
28	11.54	12.43	7.91	7.01	6.06	8.14	8.29	9.44	11.06	10.99	10.92	9.52	7.24	5.01	7.99
29	11.88	12.73	8.07	7.21	6.08	8.36	8.53	9.56	11.35	11.28	11.20	9.65	7.33	5.15	8.21
30	12.19	13.04	8.24	7.37	6.22	8.35	8.79	9.81	11.51	11.46	11.45	9.76	7.45	5.30	8.41
31	12.50	13.28	8.41	7.58	6.36	8.57	8.93	10.04	11.77	11.56	11.64	9.86	7.55	5.41	8.61
32	12.77	13.52	8.55	7.72	6.49	8.77	9.16	10.24	12.03	11.82	11.88	9.94	7.64	5.53
33	12.96	13.75	8.71	7.78	6.61	8.95	9.38	10.46	12.26	12.08	12.09	9.88	7.75	5.63
34	13.19	13.98	8.82	7.95	6.58	8.61	9.60	10.67	12.48	12.33	12.29	9.94	7.73	5.73
35	13.38	14.22	8.88	8.10	6.71	8.77	9.80	10.92	12.70	12.56	12.45	10.00	7.82	5.83
36	13.59	14.42	8.97	8.25	6.84	8.92	9.98	11.13	12.91	12.78	12.60	10.05	7.91	5.93
37	13.76	14.61	9.05	8.38	6.99	9.07	10.16	11.31	13.10	12.99	12.72	10.12	8.01	6.03
38	13.92	14.78	9.13	8.54	7.11	9.21	10.32	11.50	13.31	13.19	12.83	10.17	8.10	6.13
39	14.08	14.96	9.22	8.67	7.24	9.36	10.50	11.67	13.49	13.38	12.94	10.21	8.17	6.22
40	14.23	15.12	9.33	8.78	7.37	9.50	10.66	11.60	13.70	13.56	13.03	10.27	8.26	6.31
41	14.39	15.27	9.44	8.92	7.44	9.64	10.82	11.10	13.90	13.75	13.10	10.31	8.36	6.39
42	14.53	15.39	9.50	9.05	7.53	9.77	10.98	11.21	14.10	13.93	13.18	10.36	8.44	6.22
(i)Cumulative net losses declined in month 34 because two transactions with relatively high losses paid off in month 33. (ii)Cumulative net losses declined in months 40 and 41 because some high loss transactions paid off in months 39 and 40. (iii)Beginning in 2016, includes AmeriCredit and SDART transactions that are not rated by S&P Global Ratings. Source: S&P Global Ratings.

Table 20

Prime cumulative gross losses (%)(i)
	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016(ii)	2017	2018	2019	2020	2021	2022	2023	Q1 2024	Q2 2024
No. of deals	31	37	26	28	20	31	23	29	21	29	33	35	40	31	33	40	43	14	12
Initial collateral balance (bil. $)	49.02	53.20	41.25	33.45	22.77	40.72	27.93	31.22	24.03	36.23	41.35	44.25	50.99	41.74	45.08	52.87	71.15	20.05	17.27
Month
1	0.00	0.00	0.01	0.00	0.01	0.00	0.00	0.00	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.01	0.00
2	0.02	0.03	0.03	0.02	0.02	0.01	0.02	0.02	0.02	0.02	0.02	0.04	0.03	0.02	0.02	0.01	0.03	0.04	0.02
3	0.07	0.09	0.08	0.05	0.06	0.04	0.05	0.05	0.05	0.06	0.06	0.08	0.07	0.05	0.04	0.04	0.07	0.08	0.05
4	0.18	0.20	0.16	0.10	0.12	0.08	0.10	0.10	0.11	0.12	0.12	0.14	0.13	0.09	0.07	0.07	0.13	0.16	0.11
5	0.29	0.33	0.25	0.17	0.18	0.13	0.16	0.15	0.16	0.18	0.19	0.21	0.20	0.14	0.11	0.12	0.20	0.24
6	0.41	0.48	0.35	0.24	0.25	0.18	0.22	0.21	0.23	0.26	0.26	0.27	0.26	0.18	0.16	0.17	0.27	0.32
7	0.54	0.63	0.45	0.31	0.32	0.23	0.28	0.27	0.29	0.34	0.33	0.34	0.33	0.23	0.20	0.23	0.35	0.41
8	0.68	0.79	0.55	0.38	0.38	0.29	0.34	0.33	0.36	0.41	0.40	0.41	0.40	0.27	0.24	0.29	0.42
9	0.81	0.96	0.65	0.45	0.45	0.34	0.41	0.40	0.42	0.48	0.47	0.47	0.46	0.32	0.29	0.35	0.50
10	0.96	1.14	0.75	0.52	0.53	0.39	0.47	0.46	0.49	0.56	0.54	0.54	0.52	0.36	0.33	0.40	0.59
11	1.13	1.33	0.85	0.59	0.60	0.45	0.53	0.52	0.56	0.63	0.61	0.60	0.58	0.39	0.37	0.46
12	1.28	1.50	0.94	0.66	0.67	0.50	0.60	0.57	0.62	0.71	0.68	0.67	0.64	0.43	0.42	0.53
13	1.44	1.69	1.03	0.73	0.73	0.56	0.66	0.63	0.68	0.78	0.76	0.73	0.70	0.47	0.46	0.59
14	1.60	1.88	1.11	0.79	0.80	0.62	0.71	0.69	0.75	0.86	0.82	0.80	0.75	0.50	0.51	0.65
15	1.76	2.06	1.20	0.86	0.87	0.67	0.77	0.75	0.81	0.93	0.89	0.86	0.80	0.53	0.56	0.71
16	1.93	2.24	1.29	0.92	0.93	0.72	0.83	0.81	0.87	1.00	0.95	0.92	0.85	0.56	0.60	0.78
17	2.11	2.40	1.37	0.98	0.99	0.77	0.89	0.86	0.92	1.06	1.01	0.98	0.90	0.59	0.65	0.84
18	2.28	2.57	1.45	1.04	1.05	0.82	0.94	0.92	0.98	1.13	1.07	1.04	0.95	0.62	0.69	0.90
19	2.45	2.73	1.53	1.09	1.11	0.87	0.99	0.97	1.04	1.19	1.13	1.09	0.99	0.64	0.74	0.96
20	2.63	2.88	1.60	1.14	1.17	0.91	1.04	1.02	1.09	1.25	1.18	1.15	1.03	0.67	0.78
21	2.81	3.02	1.67	1.19	1.22	0.95	1.09	1.07	1.14	1.30	1.23	1.20	1.06	0.70	0.82
22	2.98	3.16	1.74	1.24	1.27	0.99	1.13	1.12	1.19	1.36	1.28	1.24	1.10	0.72	0.86
23	3.14	3.30	1.80	1.29	1.32	1.03	1.18	1.16	1.24	1.41	1.33	1.28	1.13	0.75	0.90
24	3.30	3.41	1.86	1.33	1.37	1.07	1.22	1.21	1.28	1.46	1.38	1.32	1.16	0.77	0.94
25	3.44	3.52	1.91	1.37	1.42	1.11	1.26	1.25	1.33	1.51	1.42	1.36	1.19	0.79	0.98
26	3.58	3.62	1.96	1.41	1.46	1.14	1.29	1.29	1.37	1.55	1.46	1.39	1.21	0.81	1.02
27	3.72	3.72	2.02	1.44	1.50	1.17	1.33	1.33	1.41	1.60	1.51	1.42	1.24	0.83	1.06
28	3.85	3.80	2.07	1.48	1.54	1.20	1.36	1.37	1.45	1.64	1.55	1.46	1.27	0.85	1.09
29	3.98	3.89	2.11	1.51	1.58	1.23	1.40	1.40	1.49	1.67	1.58	1.49	1.28	0.87	1.13
30	4.10	3.97	2.15	1.54	1.61	1.26	1.43	1.44	1.52	1.71	1.62	1.51	1.30	0.89	1.16
31	4.20	4.05	2.19	1.57	1.66	1.28	1.46	1.47	1.56	1.75	1.65	1.54	1.32	0.91	1.19
32	4.29	4.12	2.23	1.59	1.69	1.30	1.49	1.50	1.59	1.78	1.68	1.56	1.33	0.93
33	4.38	4.21	2.30	1.49	1.72	1.33	1.52	1.53	1.61	1.81	1.72	1.58	1.35	0.95
34	4.46	4.28	2.34	1.51	1.75	1.35	1.55	1.56	1.64	1.84	1.74	1.60	1.36	0.96
35	4.54	4.33	2.37	1.53	1.78	1.37	1.57	1.60	1.67	1.87	1.77	1.61	1.38	0.98
36	4.61	4.39	2.40	1.55	1.80	1.39	1.59	1.63	1.69	1.89	1.79	1.63	1.40	0.99
37	4.68	4.72	2.42	1.57	1.83	1.42	1.62	1.65	1.72	1.92	1.83	1.64	1.41	1.01
38	4.74	4.77	2.45	1.59	1.85	1.43	1.64	1.67	1.74	1.96	1.85	1.66	1.42	1.02
39	4.80	4.82	2.55	1.63	1.87	1.49	1.66	1.70	1.76	1.99	1.88	1.67	1.45	1.04
(i)We extended the reporting period for the prime 2013 and subsequent vintages to 39 months from 36 to account for the lengthening of loan terms. (ii)Beginning in 2016, we included data from transactions not rated by S&P Global Ratings. Source: S&P Global Ratings.

Table 21

Subprime cumulative gross losses (%)
	2007	2008	2009	2010	2011	2012(i)	2013	2014(ii)	2015	2016(iii)	2017	2018	2019	2020	2021	2022	2023	Q1 2024	Q2 2024
No. of deals	19	4	2	14	15	26	26	29	29	38	33	42	39	35	41	40	45	12	12
Initial collateral balance (bil. $)	17.35	2.52	1.13	10.83	6.82	14.03	13.68	14.53	18.63	22.32	20.46	27.26	25.41	25.92	38.36	34.06	31.5	9.74	9.04
Month
1	0.02	0.00	0.01	0.04	0.02	0.02	0.02	0.01	0.00	0.01	0.01	0.01	0.01	0.00	0.01	0.01	0.01	0.00	0.01
2	0.08	0.05	0.12	0.08	0.06	0.08	0.07	0.05	0.04	0.08	0.08	0.06	0.05	0.03	0.05	0.04	0.04	0.05	0.06
3	0.21	0.21	0.52	0.26	0.23	0.24	0.23	0.23	0.22	0.30	0.28	0.22	0.20	0.13	0.18	0.20	0.18	0.21	0.20
4	0.64	0.59	1.18	0.74	0.59	0.69	0.69	0.64	0.66	0.78	0.74	0.61	0.63	0.39	0.58	0.77	0.62	0.63	0.64
5	1.32	1.24	1.85	1.21	1.03	1.27	1.25	1.23	1.29	1.39	1.36	1.19	1.24	0.77	1.10	1.58	1.23	1.21
6	2.19	2.09	2.49	1.65	1.45	1.81	1.73	1.89	2.10	2.15	2.18	1.97	2.02	1.21	1.73	2.54	1.96	1.96
7	3.03	2.98	3.28	2.15	1.90	2.40	2.36	2.64	2.99	2.97	3.13	2.93	2.92	1.70	2.43	3.56	2.80
8	3.79	3.79	3.92	2.69	2.33	3.01	3.01	3.40	3.89	3.85	4.01	3.88	3.79	2.17	3.11	4.52	3.64
9	4.67	4.81	4.66	3.27	2.77	3.62	3.67	4.19	4.79	4.70	4.85	4.76	4.59	2.62	3.78	5.45	4.49
10	5.44	5.79	5.21	3.85	3.22	4.27	4.36	4.98	5.74	5.58	5.69	5.61	5.33	3.09	4.48	6.35	5.34
11	6.32	6.85	5.75	4.42	3.68	4.94	5.09	5.76	6.70	6.46	6.55	6.43	6.03	3.66	5.16	7.22	6.13
12	7.15	7.91	6.28	4.95	4.21	5.66	5.85	6.52	7.61	7.31	7.40	7.28	6.69	4.12	5.84	8.10
13	7.96	8.84	6.85	5.47	4.73	6.36	6.60	7.29	8.49	8.14	8.28	8.10	7.33	4.59	6.53	8.96
14	8.70	9.70	7.44	6.06	5.25	7.07	7.31	8.03	9.32	8.98	9.12	8.92	7.94	5.06	7.20	9.81
15	9.48	10.71	8.06	6.64	5.79	7.74	8.00	8.77	10.17	9.81	9.94	9.74	8.51	5.51	7.87	10.65
16	10.27	11.62	8.73	7.24	6.29	8.39	8.70	9.49	11.03	10.58	10.74	10.54	9.06	5.97	8.53	11.48
17	11.07	12.58	9.29	7.81	6.80	9.07	9.39	10.22	11.90	11.34	11.52	11.32	9.58	6.40	9.18	12.28
18	11.86	13.46	9.87	8.36	7.25	9.75	10.10	10.90	12.72	12.04	12.29	12.06	10.07	6.83	9.80	13.08
19	12.67	14.10	10.37	8.90	7.67	10.40	10.77	11.57	13.52	12.73	13.04	12.73	10.55	7.24	10.40	13.85
20	13.43	14.82	10.72	9.42	8.10	11.01	11.41	12.22	14.28	13.41	13.76	13.36	10.99	7.64	10.95
21	14.15	15.58	11.29	9.92	8.54	11.60	12.03	12.83	15.00	14.06	14.45	13.93	11.41	8.04	11.48
22	14.86	16.28	11.68	10.38	8.97	12.15	12.62	13.42	15.67	14.70	15.10	14.46	11.82	8.44	12.00
23	15.57	17.08	12.04	10.81	9.41	12.70	13.17	13.99	16.31	15.31	15.73	14.93	12.21	8.81	12.49
24	16.26	17.74	12.38	11.23	9.83	13.24	13.71	14.53	16.92	15.92	16.34	15.36	12.58	9.17	12.96
25	16.86	18.32	12.73	11.65	10.25	13.84	14.26	15.06	17.50	16.49	16.92	15.77	12.94	9.54	13.41
26	17.48	18.90	13.11	12.09	10.66	14.36	14.77	15.59	18.04	17.05	17.47	16.15	13.27	9.89	13.85
27	18.03	19.46	13.52	12.51	11.06	14.82	15.26	16.09	18.56	17.59	18.02	16.51	13.60	10.24	14.29
28	18.58	20.05	13.88	12.93	11.45	15.18	15.73	16.55	19.08	18.11	18.53	16.85	13.91	10.48	14.71
29	19.14	20.58	14.20	13.32	11.56	15.60	16.19	16.84	19.59	18.60	19.02	17.17	14.21	10.80	15.12
30	19.67	21.14	14.51	13.69	11.86	15.72	16.64	17.29	19.97	19.00	19.48	17.49	14.51	11.11	15.51
31	20.19	21.55	14.82	14.13	12.18	16.14	16.96	17.70	20.43	19.29	19.86	17.77	14.80	11.39	15.88
32	20.56	21.97	15.11	14.48	12.47	16.53	17.41	18.10	20.87	19.75	20.27	18.04	15.08	11.66
33	20.95	22.35	15.42	14.74	12.71	16.91	17.80	18.50	21.28	20.18	20.64	18.19	15.35	11.92
34	21.35	22.75	15.64	15.09	12.96	16.50	18.20	18.87	21.68	20.58	20.99	18.42	15.51	12.16
35	21.70	23.19	15.82	15.39	13.23	16.83	18.57	19.34	22.06	20.98	21.29	18.65	15.76	12.39
36	22.09	23.56	15.98	15.68	13.50	17.14	18.92	19.70	22.50	21.36	21.59	18.86	16.00	12.62
37	22.41	23.90	16.15	15.95	13.77	17.43	19.25	20.03	22.85	21.71	21.84	19.07	16.24	12.84
38	22.73	24.21	16.32	16.23	14.02	17.74	19.55	20.34	23.21	22.05	22.08	19.26	16.46	13.05
39	23.02	24.52	16.49	16.51	14.26	18.02	19.88	20.64	23.54	22.39	22.30	19.44	16.69	13.26
40	23.21	24.81	16.69	16.76	14.52	18.31	20.17	20.59	23.96	22.69	22.50	19.63	16.90	13.44
41	23.50	25.11	16.89	17.01	14.72	18.57	20.46	19.90	24.38	23.05	22.69	19.81	17.11	13.63
42	23.75	25.35	17.02	17.26	14.91	18.82	20.74	20.12	24.70	23.41	23.01	19.97	17.31	13.35
(i)Cumulative gross losses declined in month 34 as two transactions with relatively high losses paid off in month 33. (ii)Cumulative gross losses declined in months 40 and 41 as some high loss transactions paid off in months 39 and 40. (iii)Beginning in 2016, includes AmeriCredit and SDART transactions not rated by S&P Global Ratings. Source: S&P Global Ratings.

Table 22

Prime 60-plus-day delinquencies (%)(i)
	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016(ii)	2017	2018	2019	2020	2021	2022	2023	Q1 2024	Q2 2024
No. of deals	31	37	26	28	20	31	23	29	21	29	33	35	40	31	33	40	43	14	12
Initial collateral balance (bil. $)	49.02	53.20	41.25	33.45	22.77	40.72	27.93	31.22	24.03	36.23	41.35	44.25	50.99	41.74	45.08	52.87	71.15	20.05	17.27
Month
1	0.04	0.06	0.04	0.02	0.02	0.02	0.03	0.03	0.04	0.03	0.03	0.04	0.05	0.04	0.03	0.04	0.05	0.10	0.06
2	0.18	0.15	0.12	0.07	0.07	0.06	0.08	0.09	0.10	0.11	0.10	0.11	0.11	0.09	0.09	0.11	0.14	0.17	0.15
3	0.26	0.20	0.18	0.10	0.09	0.09	0.13	0.13	0.15	0.17	0.15	0.15	0.15	0.13	0.14	0.17	0.21	0.21	0.26
4	0.31	0.25	0.21	0.13	0.12	0.12	0.18	0.15	0.19	0.20	0.19	0.17	0.19	0.14	0.17	0.21	0.25	0.26	0.31
5	0.32	0.30	0.24	0.15	0.13	0.14	0.20	0.18	0.21	0.23	0.22	0.20	0.22	0.16	0.20	0.26	0.29	0.29
6	0.31	0.33	0.25	0.16	0.16	0.15	0.22	0.20	0.22	0.24	0.23	0.22	0.24	0.17	0.23	0.29	0.32	0.34
7	0.30	0.35	0.26	0.18	0.17	0.17	0.24	0.22	0.24	0.26	0.26	0.23	0.25	0.17	0.26	0.31	0.36	0.38
8	0.31	0.41	0.29	0.18	0.19	0.19	0.25	0.24	0.27	0.28	0.26	0.25	0.27	0.19	0.28	0.35	0.39
9	0.33	0.43	0.31	0.20	0.19	0.21	0.27	0.25	0.30	0.31	0.28	0.26	0.28	0.18	0.30	0.36	0.41
10	0.36	0.43	0.32	0.21	0.23	0.23	0.29	0.26	0.31	0.33	0.32	0.28	0.30	0.19	0.35	0.41	0.44
11	0.41	0.45	0.33	0.22	0.26	0.26	0.32	0.26	0.33	0.34	0.33	0.30	0.31	0.20	0.38	0.44
12	0.47	0.50	0.33	0.25	0.26	0.27	0.34	0.28	0.34	0.35	0.33	0.32	0.33	0.20	0.42	0.46
13	0.48	0.52	0.37	0.26	0.26	0.28	0.35	0.31	0.37	0.36	0.34	0.35	0.32	0.22	0.44	0.52
14	0.50	0.54	0.39	0.26	0.26	0.29	0.38	0.32	0.37	0.37	0.37	0.36	0.33	0.24	0.47	0.54
15	0.57	0.57	0.40	0.28	0.28	0.32	0.40	0.35	0.38	0.39	0.38	0.37	0.33	0.25	0.48	0.55
16	0.60	0.60	0.43	0.31	0.30	0.34	0.42	0.38	0.42	0.41	0.39	0.37	0.32	0.26	0.51	0.58
17	0.61	0.62	0.44	0.31	0.33	0.35	0.46	0.37	0.44	0.44	0.41	0.38	0.32	0.28	0.54	0.60
18	0.63	0.64	0.46	0.32	0.33	0.35	0.45	0.39	0.44	0.44	0.42	0.42	0.32	0.28	0.55	0.60
19	0.66	0.66	0.48	0.33	0.35	0.37	0.46	0.40	0.45	0.44	0.42	0.42	0.32	0.30	0.56	0.62
20	0.69	0.70	0.50	0.35	0.37	0.37	0.50	0.44	0.49	0.45	0.42	0.41	0.33	0.33	0.56
21	0.72	0.66	0.52	0.35	0.38	0.41	0.49	0.45	0.51	0.45	0.43	0.43	0.33	0.33	0.56
22	0.76	0.65	0.55	0.38	0.42	0.45	0.51	0.43	0.52	0.49	0.45	0.40	0.32	0.36	0.60
23	0.79	0.66	0.55	0.40	0.44	0.47	0.56	0.45	0.55	0.51	0.46	0.40	0.33	0.37	0.63
24	0.85	0.69	0.55	0.42	0.46	0.47	0.58	0.45	0.55	0.50	0.46	0.41	0.34	0.38	0.65
25	0.86	0.71	0.58	0.43	0.46	0.46	0.60	0.48	0.55	0.50	0.47	0.40	0.35	0.40	0.69
26	0.88	0.71	0.60	0.44	0.46	0.48	0.62	0.49	0.59	0.51	0.48	0.42	0.35	0.42	0.71
27	0.93	0.75	0.64	0.48	0.47	0.51	0.65	0.52	0.60	0.52	0.48	0.43	0.35	0.41	0.73
28	0.94	0.76	0.66	0.49	0.51	0.54	0.73	0.55	0.67	0.56	0.51	0.40	0.38	0.44	0.77
29	0.96	0.80	0.66	0.51	0.52	0.54	0.74	0.56	0.68	0.58	0.53	0.41	0.38	0.45	0.81
30	0.91	0.83	0.69	0.52	0.48	0.55	0.72	0.57	0.66	0.56	0.55	0.40	0.40	0.45	0.81
31	0.91	0.86	0.73	0.55	0.55	0.56	0.77	0.58	0.68	0.57	0.55	0.40	0.43	0.49	0.82
32	0.95	0.89	0.63	0.53	0.58	0.57	0.78	0.59	0.70	0.58	0.55	0.42	0.46	0.49
33	0.97	0.91	0.69	0.57	0.62	0.62	0.79	0.62	0.72	0.60	0.56	0.39	0.47	0.48
34	1.02	0.89	0.70	0.59	0.66	0.64	0.80	0.63	0.75	0.64	0.55	0.40	0.50	0.51
35	1.06	0.92	0.72	0.63	0.68	0.67	0.86	0.63	0.77	0.64	0.54	0.42	0.50	0.55
36	1.13	0.87	0.72	0.67	0.65	0.66	0.87	0.65	0.78	0.64	0.55	0.41	0.51	0.54
37	1.16	1.03					0.90	0.69	0.78	0.64	0.55	0.44	0.56	0.57
38	1.16	1.05					0.93	0.68	0.81	0.68	0.55	0.46	0.56	0.60
39	1.21	1.09					0.96	0.72	0.74	0.71	0.56	0.45	0.61	0.62
(i)We extended the reporting period for the prime 2013 and subsequent vintages to 39 months from 36 to account for the lengthening of loan terms. (ii)Beginning in 2016, we included data from transactions not rated by S&P Global Ratings. Source: S&P Global Ratings.

Table 23

Subprime 60-plus-day delinquencies (%)(i)
	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016(ii)	2017	2018	2019	2020	2021	2022	2023	Q1 2024	Q2 2024
No. of deals	19	4	2	14	15	26	26	29	29	38	33	42	39	35	41	40	45	12	12
Initial collateral balance (bil. $)	17.35	2.52	1.13	10.83	6.82	14.03	13.68	14.53	18.63	22.32	20.46	27.26	25.41	25.92	38.36	34.06	31.5	9.74	9.04
Month
1	0.04	0.06	0.05	0.10	0.05	0.04	0.04	0.11	0.06	0.10	0.17	0.11	0.10	0.12	0.20	0.14	0.09	0.17	0.16
2	0.64	0.69	1.22	1.07	0.54	0.67	0.61	0.89	1.07	1.09	1.30	1.04	0.84	0.69	0.96	1.34	0.87	0.99	0.97
3	1.42	1.51	1.42	1.74	1.04	1.47	1.47	1.78	2.29	2.06	2.72	2.53	2.05	1.47	2.02	2.82	2.08	2.09	2.08
4	2.09	1.82	1.51	1.86	1.25	1.97	2.08	2.29	2.97	2.64	3.44	3.31	2.82	1.93	2.67	3.70	2.82	2.80	2.57
5	2.44	1.85	1.64	1.97	1.36	2.33	2.49	2.59	3.20	2.90	3.70	3.53	3.24	2.00	3.03	4.19	3.21	3.40
6	2.61	1.87	1.68	2.10	1.24	2.37	2.58	2.87	3.24	3.03	3.68	3.67	3.51	2.10	3.33	4.51	3.58	3.95
7	2.82	2.24	2.07	2.38	1.32	2.24	2.47	3.03	3.36	3.28	3.61	3.77	3.60	2.18	3.57	4.59	3.83
8	2.97	2.60	1.35	2.58	1.50	2.38	2.59	3.27	3.61	3.48	3.69	3.85	3.57	2.29	3.83	4.63	4.06
9	3.03	2.79	1.04	2.61	1.72	2.62	2.92	3.46	3.99	3.78	3.91	3.95	3.57	2.44	4.09	4.76	4.27
10	3.13	2.75	1.24	2.54	1.93	2.98	3.26	3.60	4.24	4.00	4.19	4.13	3.59	2.54	4.26	4.98	4.35
11	3.25	2.57	1.52	2.50	2.04	3.34	3.45	3.83	4.37	4.00	4.58	4.33	3.70	2.72	4.51	5.22	4.50
12	3.32	2.45	1.76	2.75	2.14	3.47	3.58	4.01	4.30	4.16	4.90	4.54	3.74	2.93	4.84	5.48
13	3.34	2.55	1.75	3.05	2.40	3.43	3.66	4.19	4.45	4.42	4.97	4.86	3.78	3.10	5.11	5.62
14	3.65	2.57	2.40	3.30	2.41	3.52	3.79	4.27	4.78	4.43	4.99	5.09	3.78	3.28	5.37	5.81
15	4.00	2.84	1.75	3.52	2.56	3.71	3.94	4.58	5.14	4.49	5.18	5.16	3.82	3.43	5.63	6.11
16	4.15	2.82	1.74	3.58	2.58	3.88	4.30	4.75	5.44	4.79	5.34	5.29	3.76	3.55	5.76	6.31
17	4.37	2.30	1.86	3.64	2.49	4.14	4.53	4.79	5.54	4.70	5.49	5.37	3.64	3.69	5.81	6.49
18	4.45	2.25	1.88	3.73	2.35	4.13	4.52	4.85	5.57	4.79	5.62	5.35	3.54	3.87	6.00	6.67
19	4.55	2.42	2.47	3.94	2.40	4.16	4.47	4.80	5.49	4.88	5.72	5.33	3.58	4.02	5.98	6.64
20	4.47	2.64	1.56	4.04	2.57	4.19	4.47	4.89	5.54	4.93	5.82	5.15	3.65	4.20	6.02
21	4.66	2.82	1.23	4.03	2.80	4.28	4.57	5.00	5.69	5.09	5.83	5.00	3.64	4.33	6.08
22	4.74	2.53	1.26	3.92	3.00	4.46	4.62	5.03	5.74	5.28	5.89	4.80	3.67	4.37	6.06
23	4.57	2.30	1.43	4.08	2.97	4.58	4.57	5.15	5.71	5.22	5.97	4.67	3.68	4.53	6.15
24	4.56	2.11	1.66	4.42	3.17	4.63	4.62	5.34	5.56	5.23	6.06	4.51	3.77	4.78	6.30
25	4.42	2.22	1.77	4.71	3.30	4.67	4.88	5.34	5.60	5.44	6.13	4.40	3.79	4.92	6.46
26	4.54	2.33	2.16	4.94	3.32	4.62	4.98	5.38	5.74	5.41	6.16	4.37	3.97	5.06	6.62
27	4.62	2.60	1.72	5.00	3.43	4.64	5.00	5.50	6.13	5.39	6.21	4.37	4.07	5.15	6.86
28	4.77	2.70	1.70	5.10	3.29	4.84	5.26	5.55	6.31	5.40	6.31	4.29	4.34	5.25	6.94
29	4.93	2.04	2.00	5.29	3.21	4.90	5.53	5.80	6.26	5.38	6.40	4.12	4.54	5.22	7.00
30	4.80	1.99	1.96	5.40	2.90	5.05	5.58	5.84	6.44	5.28	6.48	4.02	4.63	5.40	7.14
31	4.82	2.20	2.69	5.56	2.84	5.18	5.63	5.87	6.31	5.67	6.60	3.97	4.84	5.37	7.17
32	4.73	2.41	1.60	5.66	3.14	5.24	5.70	6.18	6.24	5.83	6.42	4.04	5.04	5.34
33	4.69	2.83	1.25	5.65	3.48	4.98	5.96	6.24	6.32	6.11	6.18	4.08	5.14	5.42
34	4.73	2.48	1.30	5.57	3.66	5.23	5.92	6.27	6.52	6.08	5.94	4.02	5.30	5.38
35	4.49	2.26	1.68	5.67	3.64	5.31	5.96	6.51	6.51	6.05	5.73	4.11	5.48	5.54
36	4.41	2.12	1.81	5.99	3.73	5.47	5.86	6.56	6.50	6.05	5.54	4.16	5.61	5.75
37	4.34	2.29	2.02	6.46	3.77	5.55	6.17	6.57	6.51	6.22	5.22	4.29	5.81	5.79
38	4.30	2.31	2.90	6.67	3.79	5.74	6.36	6.62	6.60	6.31	5.18	4.52	5.96	5.86
39	4.40	2.69	2.48	6.70	3.97	5.99	6.57	6.69	6.81	6.34	5.17	4.71	6.05	5.83
40	4.52	2.80	2.17	6.76	4.03	5.90	6.89	6.61	7.23	6.41	4.83	4.96	6.32	5.90
41	4.71	1.97	2.24	7.10	4.04	6.12	7.16	7.14	7.57	6.66	4.65	5.00	6.35	5.89
42	4.62	2.03	2.09	6.96	3.62	6.23	7.30	7.01	7.22	6.68	4.67	5.17	6.39	5.66
(i)Beginning in 2016, includes AmeriCredit and SDART transactions not rated by S&P Global Ratings. Source: S&P Global Ratings.

Table 24

Prime cumulative recoveries (%)(i)
	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016(ii)	2017	2018	2019	2020	2021	2022	2023	Q1 2024	Q2 2024
No. of deals	31	37	26	28	20	31	23	29	21	29	33	35	40	31	33	40	43	14	12
Initial collateral balance (bil. $)	49.02	53.20	41.25	33.45	22.77	40.72	27.93	31.22	24.03	36.23	41.35	44.25	50.99	41.74	45.08	52.87	71.15	20.05	17.27
Month
1	27.98	0.00	23.32	19.68	21.47	20.28	18.61	31.98	26.35	25.57	16.46	26.76	35.00	27.48	29.76	0.00	23.97	2.13	35.46
2	49.69	43.02	40.43	47.24	65.16	59.19	57.05	54.08	40.70	43.19	41.64	49.03	44.76	46.40	46.08	34.95	36.67	37.74	33.12
3	47.75	41.67	42.50	48.71	63.52	56.24	53.60	54.69	39.78	42.03	42.47	47.08	47.60	46.98	44.72	37.06	37.45	34.55	35.33
4	44.53	40.73	42.09	48.33	60.04	54.66	47.95	50.42	41.08	39.93	41.61	44.95	45.13	43.16	44.25	34.03	35.17	34.97	39.10
5	44.98	41.42	44.01	48.39	60.63	55.15	46.94	50.07	42.86	41.09	42.14	46.63	44.14	42.55	46.60	35.93	37.12	36.89
6	45.67	41.72	46.10	50.04	60.98	56.11	48.71	50.38	43.52	42.71	43.46	47.21	44.04	45.18	48.07	36.56	39.30	37.81
7	46.28	42.13	47.29	51.74	61.48	56.68	49.14	52.08	44.53	44.07	44.74	48.13	44.58	47.60	48.27	38.35	39.80	39.57
8	47.28	42.85	48.22	52.86	61.96	57.18	51.82	52.89	45.68	45.80	45.71	49.07	45.94	49.53	49.70	41.57	40.86
9	47.46	43.53	49.09	54.60	62.30	56.80	53.33	53.37	47.04	46.85	46.86	49.77	46.71	51.78	50.64	44.27	41.75
10	47.34	44.19	49.84	55.52	62.95	56.76	53.60	53.88	47.38	47.08	47.48	50.24	48.25	54.04	52.27	45.24	43.06
11	47.05	44.99	50.88	56.31	63.01	57.42	54.19	54.71	47.57	47.94	48.63	50.74	48.03	55.44	52.73	45.96
12	46.96	45.26	51.66	57.02	63.29	57.98	54.79	55.30	48.51	48.28	49.22	51.41	48.30	56.90	53.21	45.96
13	46.94	45.79	52.29	57.84	63.54	58.55	54.89	56.05	49.68	49.01	49.57	51.83	49.38	58.24	53.38	46.71
14	46.85	46.48	52.97	58.10	64.16	58.60	54.94	56.21	50.05	49.64	49.98	52.11	49.79	59.07	53.48	47.65
15	46.62	47.11	53.61	58.77	64.35	58.85	55.21	56.22	50.34	50.27	50.61	52.42	50.77	60.20	53.58	48.18
16	46.56	47.66	54.07	59.25	64.55	59.19	55.55	56.48	50.95	50.25	50.96	52.44	51.57	60.87	54.09	48.68
17	46.43	48.18	54.70	59.83	64.73	59.23	55.70	56.73	51.38	50.66	51.49	52.67	52.32	61.22	54.76	48.94
18	46.44	48.71	55.17	60.24	64.53	59.45	55.73	56.79	51.70	50.62	51.90	52.88	53.26	61.59	55.06	49.27
19	46.57	49.10	55.65	60.93	64.42	59.81	55.97	56.84	51.84	51.04	52.24	52.95	54.12	62.05	55.02	49.64
20	46.78	49.47	56.09	61.35	64.75	59.98	56.51	56.96	52.19	51.48	52.66	53.00	54.95	62.29	55.04
21	46.89	49.90	56.45	61.72	65.07	60.09	56.81	57.03	52.26	51.77	52.87	53.06	55.70	62.76	55.40
22	47.13	50.36	56.99	61.92	65.23	60.42	57.17	57.22	52.61	52.00	53.09	53.06	56.37	63.09	55.83
23	47.23	50.69	57.43	62.29	65.24	60.56	57.23	57.44	52.70	52.19	53.24	53.50	56.93	63.46	56.01
24	47.49	51.11	58.01	62.61	65.43	60.57	57.45	57.63	52.86	52.32	53.41	53.66	57.67	63.60	56.28
25	47.77	51.48	58.47	62.81	65.61	60.77	57.42	58.02	53.21	52.60	53.54	54.01	58.25	63.77	56.51
26	48.04	51.86	58.82	63.14	65.61	60.97	57.66	58.23	53.48	52.77	53.76	54.30	58.73	63.98	56.72
27	48.24	52.25	59.11	63.35	65.67	61.26	58.02	58.47	53.52	53.09	54.01	54.63	59.36	63.97	56.91
28	48.46	52.56	59.44	63.71	65.84	61.47	58.17	58.64	53.80	53.27	54.25	54.94	59.71	63.82	57.08
29	48.71	52.83	59.74	63.90	66.03	61.69	58.18	58.74	53.95	53.46	54.48	55.38	60.17	63.78	57.51
30	48.93	53.12	60.09	64.11	66.12	61.88	58.38	58.84	54.20	53.69	54.58	55.96	60.63	64.04	57.89
31	49.23	53.39	60.47	64.33	66.38	62.19	58.55	58.95	54.34	53.88	54.61	56.54	60.91	64.24	58.11
32	49.51	53.67	60.84	64.40	66.49	62.39	58.87	59.14	54.63	54.21	54.67	57.03	61.25	64.52
33	49.79	53.80	61.06	65.35	66.55	62.71	59.05	59.18	54.91	54.47	54.70	57.43	61.55	64.84
34	50.05	54.07	61.23	65.65	66.71	62.79	59.50	59.20	55.25	54.70	54.76	57.83	61.73	65.24
35	50.26	54.34	61.51	65.95	66.75	62.96	59.61	59.29	55.66	54.83	54.89	58.28	62.09	65.35
36	50.46	54.56	61.61	66.11	66.85	63.12	59.85	59.52	56.00	55.03	55.14	58.62	62.32	65.63
37	50.66	54.26					59.98	59.72	56.35	55.25	55.37	59.00	62.56	65.76
38	50.87	54.49					60.22	59.85	56.61	55.51	55.62	59.40	62.78	65.96
39	51.08	54.71					60.74	60.10	56.87	55.71	55.84	59.80	63.03	66.16
(i)Starting this month, we have extended the performance data for the recent vintages (2013 onwards) to 39 months to account for the lengthening of loan terms. (ii)Beginning in 2016, we included data from transactions not rated by S&P Global Ratings. Source: S&P Global Ratings.

Table 25

Subprime cumulative recoveries (%)
	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016(i)	2017	2018(ii)	2019	2020	2021	2022	2023	Q1 2024	Q2 2024
No. of deals	19	4	2	14	15	26	26	29	29	38	33	42	39	35	41	40	45	12	12
Initial collateral balance (bil. $)	17.35	2.52	1.13	10.83	6.82	14.03	13.68	14.53	18.63	22.32	20.46	27.26	25.41	25.92	38.36	34.06	31.5	9.74	9.04
Month
1	50.45	4.68	26.37	13.24	38.17	34.26	48.95	26.51	19.69	15.39	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2	52.67	16.20	33.03	40.00	48.39	49.13	50.63	44.56	42.02	31.09	27.69	35.86	37.57	29.60	35.57	28.04	21.62	28.13	39.94
3	46.95	29.34	37.37	41.47	47.18	52.07	55.86	45.53	43.70	36.42	33.07	40.27	39.40	31.98	34.67	32.47	29.33	32.56	40.22
4	38.89	27.91	35.33	35.15	42.05	42.02	42.71	38.13	37.37	33.71	29.27	36.51	33.91	25.98	29.38	23.21	22.71	22.52	25.92
5	36.34	28.40	35.45	37.94	42.98	41.06	42.01	37.93	36.74	33.13	30.05	37.49	34.15	28.40	30.60	23.93	23.22	23.36
6	35.89	31.83	34.81	38.97	44.45	43.35	45.07	38.11	36.19	33.07	31.05	37.06	34.20	31.03	32.34	24.66	24.27	24.16
7	36.19	32.88	35.59	39.61	45.43	44.30	45.17	38.54	36.08	33.38	31.32	36.04	33.26	34.06	34.27	26.65	25.47
8	36.63	32.92	36.98	40.39	45.82	44.39	45.00	39.35	36.71	34.22	32.71	36.03	33.66	36.85	36.65	28.74	27.04
9	36.59	33.43	38.30	40.34	45.82	44.24	44.87	40.07	37.59	34.88	33.84	37.17	34.80	39.39	38.64	30.51	28.76
10	37.35	33.91	39.23	41.16	45.64	44.21	44.88	40.84	38.47	35.43	34.90	38.34	35.66	41.55	40.16	31.89	30.09
11	37.65	34.37	39.72	42.06	45.70	43.96	45.01	41.31	39.06	36.08	35.76	39.06	36.41	41.82	41.56	32.93	31.07
12	37.83	34.69	40.13	42.55	45.90	43.85	44.95	41.62	39.64	36.53	36.37	39.88	37.50	43.18	42.49	33.76
13	38.19	35.11	39.93	42.96	46.14	44.19	45.17	42.03	40.32	36.89	37.01	40.16	38.38	44.38	43.22	34.63
14	38.40	35.30	40.10	43.14	46.16	44.42	45.56	42.36	40.82	37.29	37.55	40.57	39.05	45.58	43.82	35.18
15	38.47	35.64	40.15	43.33	46.12	44.69	45.88	42.70	41.22	37.59	38.09	40.98	39.66	46.54	44.28	35.55
16	38.35	35.95	40.70	43.63	46.41	45.00	46.05	42.98	41.28	37.78	38.52	41.20	40.15	47.24	44.63	35.90
17	38.27	36.44	40.81	43.76	46.81	45.04	46.08	43.02	41.35	38.13	38.96	41.38	40.97	48.10	44.91	36.17
18	38.16	36.70	40.95	44.05	47.14	45.32	46.09	43.18	41.54	38.34	39.25	41.39	41.95	48.79	45.12	36.31
19	37.99	36.91	40.97	44.45	47.36	45.45	46.14	43.34	41.59	38.60	39.49	41.44	42.85	49.49	45.39	36.53
20	37.93	37.02	41.29	44.79	47.45	45.62	46.34	43.41	41.72	38.78	39.83	41.53	43.68	50.07	45.71
21	37.81	37.20	41.68	45.16	47.46	45.73	46.46	43.46	41.88	38.89	40.13	41.70	44.44	50.57	45.97
22	37.72	37.29	42.01	45.63	47.53	45.84	46.65	43.59	41.96	38.98	40.44	41.86	45.18	51.05	46.22
23	37.74	37.47	42.00	45.90	47.68	45.98	46.82	43.67	42.06	39.14	40.65	42.12	45.82	51.51	46.46
24	37.70	37.64	42.24	46.11	47.83	46.01	47.01	43.72	42.17	39.25	40.81	42.37	46.37	51.85	46.64
25	37.87	37.79	42.37	46.21	47.84	46.95	47.64	43.78	42.27	39.33	40.97	42.59	46.91	52.08	46.84
26	38.04	37.90	42.49	46.36	47.84	47.04	47.83	43.73	42.40	39.42	41.16	42.88	47.42	52.22	46.98
27	38.23	38.01	42.68	46.60	47.82	47.13	47.84	43.79	42.45	39.48	41.33	43.12	47.86	52.34	47.04
28	38.31	38.06	42.66	46.73	47.85	47.36	47.97	43.89	42.46	39.57	41.42	43.33	48.28	52.61	47.10
29	38.38	38.21	42.78	46.80	47.99	47.41	47.92	44.03	42.48	39.60	41.47	43.66	48.69	52.71	47.14
30	38.49	38.38	42.85	47.11	48.18	47.67	47.85	44.04	42.68	39.81	41.52	44.02	48.96	52.77	47.15
31	38.58	38.45	42.90	47.40	48.31	47.63	47.93	44.06	42.67	40.09	41.67	44.37	49.29	52.96	47.17
32	38.79	38.54	43.03	47.68	48.44	47.66	47.90	44.24	42.66	40.13	41.67	44.73	49.63	53.08
33	38.98	38.59	43.16	48.11	48.52	47.76	47.84	44.23	42.67	40.15	41.68	45.39	49.84	53.33
34	39.07	38.62	43.26	48.17	49.68	48.08	47.76	44.21	42.67	40.21	41.71	45.73	50.30	53.48
35	39.20	38.75	43.50	48.19	49.72	48.18	47.73	44.40	42.67	40.27	41.80	46.07	50.56	53.58
36	39.33	38.86	43.59	48.22	49.72	48.23	47.74	44.33	42.87	40.29	41.88	46.40	50.75	53.65
37	39.49	38.94	43.69	48.27	49.68	48.24	47.73	44.33	42.91	40.30	42.01	46.65	50.87	53.70
38	39.63	39.01	43.77	48.22	49.70	48.34	47.72	44.26	42.92	40.30	42.14	46.91	50.99	53.76
39	39.74	39.06	43.81	48.29	49.70	48.28	47.68	44.24	43.09	40.31	42.23	47.17	51.20	53.79
40	39.95	39.14	43.85	48.39	49.72	48.38	47.04	44.33	43.11	40.34	42.33	47.39	51.28	53.79
41	40.04	39.24	43.88	48.38	49.85	48.37	47.60	44.58	43.29	40.46	42.48	47.63	51.34	53.81
42	40.13	39.35	43.95	48.38	49.90	48.37	47.53	44.68	43.25	40.64	43.01	47.83	51.43	54.00
43											43.69	48.02	51.55	54.27
(i)Includes SDART transactions not rated by S&P Global Ratings. (ii)Includes SDART and AmeriCredit transactions not rated by S&P Global Ratings. Source: S&P Global Ratings.

Table 26

Prime 30-plus-day delinquencies (%)(i)
	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016(ii)	2017	2018	2019	2020	2021	2022	2023	Q1 2024	Q2 2024
No. of deals	31	37	26	28	20	31	23	29	21	29	33	35	40	31	33	40	43	14	12
Initial collateral balance (bil. $)	49.02	53.20	41.25	33.45	22.77	40.72	27.93	31.22	24.03	36.23	41.35	44.25	50.99	41.74	45.08	52.87	71.15	20.05	17.27
Month
1	1.02	0.77	0.43	0.43	0.42	0.35	2.60	0.39	0.41	0.38	0.38	0.42	0.41	0.36	0.33	0.43	0.48	0.63	0.52
2	1.39	0.99	0.75	0.56	0.55	0.51	0.66	0.56	0.60	0.51	0.55	0.56	0.56	0.43	0.48	0.61	0.68	0.73	0.77
3	1.62	1.14	0.89	0.68	0.64	0.67	0.81	0.69	0.74	0.63	0.64	0.65	0.65	0.53	0.58	0.72	0.82	0.87	0.93
4	1.76	1.30	1.00	0.79	0.72	0.77	0.94	0.76	0.90	0.72	0.73	0.71	0.74	0.56	0.68	0.82	0.93	0.93	1.11
5	1.77	1.45	1.11	0.83	0.81	0.81	1.04	0.84	0.94	0.79	0.80	0.76	0.80	0.62	0.76	0.91	1.03	1.06
6	1.76	1.58	1.17	0.87	0.87	0.91	1.11	0.90	0.98	0.82	0.84	0.83	0.85	0.65	0.84	1.00	1.11	1.19
7	1.72	1.68	1.21	0.91	0.94	0.96	1.16	0.99	1.07	0.89	0.89	0.88	0.88	0.64	0.93	1.09	1.20	1.33
8	1.64	1.88	1.30	1.00	1.01	1.03	1.22	1.05	1.14	0.93	0.96	0.96	0.92	0.70	0.98	1.16	1.28
9	1.79	1.91	1.40	1.03	1.08	1.13	1.33	1.08	1.28	1.01	1.00	0.99	0.96	0.72	1.08	1.25	1.36
10	1.89	1.92	1.45	1.09	1.20	1.20	1.36	1.11	1.31	1.05	1.08	1.04	0.99	0.72	1.16	1.33	1.43
11	2.09	2.05	1.48	1.17	1.26	1.29	1.47	1.13	1.34	1.11	1.10	1.09	1.02	0.77	1.25	1.44
12	2.23	2.19	1.46	1.23	1.30	1.32	1.54	1.20	1.41	1.12	1.12	1.15	1.04	0.79	1.34	1.50
13	2.32	2.26	1.59	1.31	1.36	1.38	1.56	1.27	1.47	1.14	1.16	1.21	1.04	0.84	1.41	1.60
14	2.45	2.34	1.69	1.32	1.35	1.43	1.67	1.34	1.51	1.18	1.24	1.27	1.06	0.88	1.50	1.67
15	2.64	2.48	1.73	1.39	1.44	1.52	1.74	1.40	1.57	1.23	1.27	1.30	1.07	0.91	1.52	1.73
16	2.70	2.61	1.80	1.46	1.54	1.58	1.83	1.47	1.63	1.30	1.30	1.31	1.07	0.98	1.59	1.80
17	2.76	2.70	1.88	1.50	1.63	1.57	1.94	1.47	1.76	1.36	1.37	1.36	1.06	1.00	1.67	1.83
18	2.84	2.77	1.94	1.50	1.64	1.64	1.92	1.54	1.70	1.34	1.39	1.44	1.09	1.04	1.72	1.88
19	2.93	2.92	2.01	1.54	1.74	1.64	1.97	1.61	1.78	1.37	1.42	1.38	1.11	1.12	1.74	1.91
20	3.07	3.02	2.01	1.63	1.73	1.73	2.02	1.69	1.83	1.39	1.45	1.39	1.15	1.17	1.78
21	3.18	2.96	2.06	1.71	1.85	1.82	2.09	1.70	1.88	1.44	1.48	1.42	1.17	1.20	1.83
22	3.39	2.84	2.20	1.74	2.00	1.86	2.08	1.71	1.96	1.51	1.52	1.36	1.18	1.26	1.89
23	3.46	2.88	2.19	1.84	2.03	1.93	2.21	1.73	1.99	1.54	1.55	1.34	1.19	1.30	1.99
24	3.65	2.99	2.20	1.88	2.10	1.97	2.27	1.80	2.03	1.54	1.57	1.36	1.21	1.32	2.01
25	3.72	2.99	2.30	1.98	2.11	1.97	2.27	1.84	2.02	1.57	1.62	1.35	1.26	1.38	2.09
26	3.81	3.00	2.41	2.00	2.09	1.99	2.40	1.93	2.11	1.60	1.66	1.38	1.26	1.43	2.22
27	3.96	3.12	2.54	2.15	2.13	2.10	2.45	1.99	2.18	1.64	1.73	1.44	1.29	1.45	2.23
28	4.01	3.20	2.53	2.21	2.24	2.13	2.62	2.05	2.30	1.72	1.79	1.37	1.37	1.51	2.32
29	4.01	3.32	2.62	2.27	2.29	2.14	2.72	2.08	2.36	1.77	1.86	1.40	1.40	1.55	2.39
30	3.98	3.40	2.72	2.27	2.43	2.20	2.64	2.10	2.31	1.77	1.85	1.39	1.48	1.58	2.41
31	3.98	3.50	2.74	2.30	2.44	2.20	2.76	2.20	2.38	1.79	1.83	1.40	1.56	1.64	2.48
32	4.10	3.64	2.59	2.16	2.41	2.30	2.76	2.23	2.42	1.84	1.85	1.47	1.62	1.68
33	4.14	3.73	2.77	2.38	2.60	2.39	2.83	2.30	2.46	1.89	1.84	1.45	1.69	1.70
34	4.33	3.63	2.83	2.40	2.63	2.42	2.85	2.36	2.59	1.96	1.81	1.46	1.76	1.76
35	4.42	3.69	2.90	2.48	2.74	2.49	2.99	2.37	2.60	2.01	1.75	1.54	1.77	1.83
36	4.56	3.51	2.89	2.54	2.92	2.55	3.04	2.41	2.68	2.01	1.76	1.53	1.84	1.85
37	4.68	4.19					3.14	2.47	2.71	2.03	1.79	1.62	1.92	1.96
38	4.71	4.15					3.24	2.49	2.77	2.10	1.79	1.65	1.97	1.99
39	4.87	4.19					3.30	2.60	2.63	2.16	1.92	1.67	2.10	2.10
(i)We extended the reporting period for the prime 2013 and subsequent vintages to 39 months from 36 to account for the lengthening of loan terms. (ii)Beginning in 2016, we included data from transactions not rated by S&P Global Ratings. Source: S&P Global Ratings.

Table 27

Subprime 30-plus-day delinquencies (%)
	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016(i)	2017	2018	2019	2020	2021	2022	2023	Q1 2024	Q2 2024
No. of deals	19	4	2	14	15	26	26	29	29	38	33	42	39	35	41	40	45	12	12
Initial collateral balance (bil. $)	17.35	2.52	1.13	10.83	6.82	14.03	13.68	14.53	18.63	22.32	20.46	27.26	25.41	25.92	38.36	34.06	31.5	9.74	9.04
Month
1	2.02	2.69	4.22	4.96	2.20	2.12	1.65	2.59	3.09	3.29	3.64	2.70	2.26	2.08	2.59	3.28	2.50	2.76	3.16
2	3.87	4.89	5.84	6.96	3.58	4.00	3.36	4.41	5.65	5.44	6.40	5.42	4.71	3.65	4.53	6.09	4.95	4.92	5.43
3	5.66	5.96	6.43	7.89	4.58	5.54	5.10	5.99	7.84	7.27	8.74	7.77	6.79	4.88	6.37	8.44	7.13	6.87	7.66
4	7.08	6.21	6.33	8.20	5.16	6.86	6.52	7.27	8.99	8.44	10.14	9.30	8.31	5.76	7.73	10.08	8.56	8.59	8.17
5	7.94	6.53	6.79	8.42	5.34	7.76	7.60	7.88	9.48	8.80	10.62	9.87	9.20	5.79	8.54	11.01	9.49	9.85
6	8.60	6.61	7.46	8.76	5.00	7.90	7.82	8.31	9.37	9.08	10.38	10.17	9.55	6.15	9.25	11.60	10.25	11.08
7	8.98	7.46	7.04	9.36	5.08	7.60	7.49	8.77	9.77	9.69	10.43	10.25	9.66	6.43	10.02	11.78	10.70
8	9.27	8.23	5.94	9.59	5.59	7.92	7.81	9.26	10.51	10.28	10.86	10.63	9.77	6.76	10.56	12.06	11.18
9	9.68	8.30	5.31	9.53	6.32	8.64	8.73	9.68	11.44	10.96	11.41	10.97	9.71	7.09	11.14	12.45	11.81
10	10.18	7.94	5.54	9.22	6.84	9.40	9.29	10.13	12.10	11.52	12.18	11.45	10.10	7.40	11.81	13.17	11.98
11	10.42	7.96	6.60	9.34	7.26	10.32	9.66	10.76	12.35	11.46	13.11	11.95	10.26	7.89	12.38	13.66	12.35
12	10.84	7.98	7.13	10.08	7.63	10.68	10.37	11.22	12.37	12.20	13.85	12.65	10.34	8.41	13.13	14.29
13	11.15	8.34	7.60	10.91	8.35	10.70	10.64	11.72	12.77	12.74	13.72	13.22	10.43	8.92	13.83	14.60
14	11.74	8.80	8.09	11.63	8.58	11.32	10.95	12.05	13.62	12.70	14.07	13.52	10.48	9.39	14.34	15.18
15	12.48	9.20	7.87	11.96	8.74	11.48	11.43	12.60	14.48	12.48	14.45	13.88	10.47	9.68	14.87	15.91
16	12.87	8.67	7.83	11.90	8.99	12.09	12.27	13.04	15.14	13.61	14.93	14.18	10.35	10.21	15.20	16.32
17	13.07	8.16	8.03	12.08	8.60	12.33	12.90	12.95	15.33	13.31	15.30	14.58	10.12	10.61	15.46	16.81
18	13.38	7.86	8.41	12.63	8.39	12.38	12.95	12.93	15.29	13.58	15.50	14.60	10.05	11.06	15.88	17.21
19	13.58	8.35	8.21	12.94	8.61	12.64	12.99	12.97	15.18	13.80	15.84	14.39	10.16	11.49	16.08	17.20
20	13.66	9.36	6.82	13.33	9.28	12.93	13.14	13.43	15.62	14.11	16.12	13.89	10.38	12.00	16.18
21	13.98	9.51	5.69	13.47	10.01	13.37	13.51	13.61	15.96	14.46	16.21	13.48	10.49	12.26	16.29
22	13.82	8.69	6.16	13.10	10.37	13.59	13.52	13.87	16.12	14.88	16.26	12.97	10.59	12.51	16.50
23	13.80	8.30	6.95	13.62	10.45	14.19	13.42	14.26	15.72	14.54	16.66	12.58	10.71	12.94	16.71
24	13.53	8.26	7.18	14.47	10.72	14.26	13.84	14.61	15.59	15.20	16.94	12.29	10.97	13.52	17.17
25	13.33	8.75	8.05	15.22	11.07	14.59	14.15	14.79	15.75	15.35	16.86	12.12	11.17	13.95	17.51
26	13.66	9.36	7.80	15.93	11.29	14.86	14.51	14.90	16.25	15.35	17.06	12.13	11.61	14.34	18.05
27	13.90	9.76	7.88	16.05	11.56	14.73	14.68	15.13	17.14	15.56	17.08	12.03	11.99	14.49	18.57
28	14.36	9.32	8.28	16.21	11.46	15.64	15.24	15.24	17.36	15.60	17.52	11.88	12.70	14.76	18.71
29	14.51	8.53	9.10	16.73	11.01	15.52	15.85	15.78	17.24	15.55	17.65	11.47	13.20	14.73	19.03
30	14.53	8.23	9.57	17.00	10.74	16.04	15.82	15.87	17.47	15.42	17.63	11.36	13.51	15.23	19.29
31	14.46	8.84	9.43	17.53	10.80	16.62	15.97	15.95	17.26	16.22	17.85	11.46	13.91	15.18	19.37
32	14.52	9.56	7.21	18.07	11.43	16.56	16.30	16.57	17.45	16.66	17.21	11.68	14.42	15.46
33	14.66	9.92	6.10	18.14	12.77	16.47	16.85	16.74	17.76	17.20	16.60	11.69	14.70	15.56
34	14.48	9.23	7.14	17.83	13.27	16.85	16.72	16.67	18.42	17.12	16.33	11.79	15.16	15.66
35	14.47	8.81	7.75	18.38	13.36	17.22	16.81	17.44	18.16	16.96	15.79	12.01	15.60	16.17
36	14.05	9.03	8.00	19.01	13.88	17.39	17.06	17.68	18.39	17.64	15.19	12.34	15.96	16.62
37	13.96	9.66	9.42	19.88	14.24	17.78	17.66	17.55	18.36	17.57	14.62	12.85	16.30	16.79
38	14.40	10.02	9.80	20.90	14.25	18.11	18.08	17.85	18.82	17.81	14.45	13.49	16.68	17.22
39	14.58	10.71	10.78	20.81	14.53	18.49	18.46	18.30	19.50	18.16	14.12	13.80	17.01	17.30
40	15.00	10.07	10.36	20.98	15.05	18.81	19.22	18.81	20.25	18.29	13.53	14.32	17.50	17.60
41	15.01	8.86	10.56	21.39	14.54	19.10	19.85	18.85	20.92	18.73	13.12	14.66	17.65	17.82
42	15.13	9.05	12.06	21.68	14.24	19.20	19.88	19.12	20.62	18.80	13.33	15.25	17.71	17.79
43											13.94	15.69	17.96	17.56
(i)Beginning in 2016, includes AmeriCredit and SDART transactions not rated by S&P Global Ratings. Source: S&P Global Ratings.

Appendix II: Auto Tracker Frequently Asked Questions

How do you define prime auto loan ABS?

We generally categorize prime auto loan ABS transactions as those backed by loan pools with initial ECNLs of 3.25% or less and average FICO scores of 700 or higher. We include CarMax and Carvana in this segment.

How do you define subprime auto loan ABS?

We generally categorize subprime auto loan ABS transactions as those backed by loan pools with initial ECNLs of at least 7.5%, average FICO scores of less than 620, and annual percentage rates that exceed 14.0%.

How do you calculate the monthly net loss rate?

The monthly net loss rate is annualized. It equals each transaction's net loss rate weighted by the transaction's ending pool balance for the current month over the aggregate ending pool balance of all transactions included in the index. We only allow a transaction to enter the composite starting in its fourth month outstanding. Transactions usually have zero or low losses during their first three months, which dilute the composite figures.

How do you calculate the monthly recovery rate?

We calculate recoveries by taking the recovery amount reported (which typically includes all recoveries, such as disposition proceeds, post-disposition proceeds, and any other reported recoveries) over the gross loss amount for the current month. Then we weight each transaction's recovery percentage by the transaction's ending pool balance for the current month over the aggregate ending pool balance of all transactions included in the index. We only allow a transaction to enter the index starting in its fourth month outstanding. During a transaction's first three months, unusually high or low recoveries are reported, leading to a spike in the composite figures.

How do you calculate the monthly 60-plus-day delinquency rate?

We calculate delinquencies by taking each transaction's 60-plus-day delinquency amount over the ending pool balance for the current month. Then we weight each transaction's 60-plus-day delinquency percentage by the transaction's ending pool balance for the current month over the aggregate ending pool balance of all transactions included in the composite. We only allow a transaction to enter the composite starting in its fourth month outstanding. During the transaction's first three months, zero or fewer delinquencies are reported, which dilutes the composite figures.

What is the ALSI?

Our ALSI monitors the credit performance of securitizations that were originated in the same year on a weighted average basis. The number of months displayed for each vintage is generally determined by the last month that all securitizations for that time period have a data point. We calculate the prime and subprime ALSI CNLs by taking the weighted average of the CNLs of the transactions that were completed in the same time period (generally a year). Each transaction's CNL is weighted by its initial pool balance over the aggregate initial pool balance of all the transactions included in the index for that period. In the subprime ALSI, transactions from America's Car-Mart, Credit Acceptance Corp., and DriveTime are excluded because they do not have the typical indirect auto loan business model.

Which transactions are included in the prime, subprime, and modified subprime composites and indices?

For a list detailing the weighting of issuers in our prime and subprime composites and indices, see "U.S. Auto Loan ABS Tracker: June 2023 Performance," published Aug. 15, 2023, and "U.S. Auto Loan ABS Tracker: Full-Year And December 2023 Performance," published Feb. 13, 2024.

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Primary Credit Analyst:	Amy S Martin, New York + 1 (212) 438 2538; amy.martin@spglobal.com
Secondary Contacts:	Jennie P Lam, New York + 1 (212) 438 2524; jennie.lam@spglobal.com
	Steve D Martinez, New York + 1 (212) 438 2881; steve.martinez@spglobal.com
	Sanjay Narine, CFA, Toronto + 1 (416) 507 2548; sanjay.narine@spglobal.com
Research Contributor:	Kapil Sharma, CRISIL Global Analytical Center, an S&P affiliate, Mumbai