According to SubPrime Auto Finance News, S&P/Experian spots solid credit default rates for May.
NEW YORK — Analysts who compile the S&P/Experian Consumer Credit Default Indices found a steady pattern for May as the auto loan rate moved marginally while the composite reading remained unchanged.
S&P Dow Jones Indices and Experian determined May’s auto loan default came in at 1.04 percent, down slightly from the previous month’s reading of 1.07 percent. A year earlier, the auto loan rate settled at 1.03 percent.
Meanwhile, the national composite rate remained at its post-recession low of 1.42 percent in May, the second consecutive month at that level. In May of last year, the composite rate stood at 1.62 percent.