Overall consumer credit default rates fell for the seventh consecutive month, according to May 2014 data released today from the S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices. Auto, on the other hand, saw a slight rise in defaults.
The national composite posted a 0.93% default rate for auto loans in May, the lowest rate for May since 2006.
However, both auto and bank card measures saw their default rates increase while mortgage default rates decreased. After setting new historic lows in both March and April, the auto loan rate increased marginally, by just one basis point, to 0.92% in April.
Despite the slight rise, the auto loan rate was down from May 2013’s rate of 1.04%r.
“Consumer credit default rates decreased for their seventh consecutive month,” said David M. Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices.