Kroll Bond Rating Agency (KBRA) releases its auto loan ABS indices for August 2021.

August remittance reports showed softening credit performance across securitized auto loan pools during the July collection period, likely driven more by seasonality than a change in fundamentals. Early-stage delinquencies (30-59 days past due) in KBRA’s Prime Auto Loan Index increased 5 basis points (bps) month-over-month (MoM) to 0.82%, while late-stage delinquencies (60+ days past due) rose 1 bp to 0.27%. Meanwhile, early- and late-stage delinquencies in KBRA’s Non-Prime Auto Loan Index were up 9 bps and 10 bps MoM, respectively, at 6.77% and 3.53%. Annualized net losses (ANL) also trended up in both indices versus the previous month but remained below year-ago levels, as this year’s sharp rise in used vehicle values has helped boost loan recoveries.

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About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

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