Auto Loan Default Rate at Highest Level Since December 2020
NEW YORK, MAY 17, 2022: 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 fellf our 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.
The table below provides the index levels for the five major MSAs tracked by the S&P/Experian Consumer Credit Default Indices.