NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) releases its Auto Loan Indices for the month of May and reports on delinquency roll rates from asset-level disclosures.
Servicer reports in May showed credit performance continued to improve across securitized prime and non-prime auto loan collateral pools during the April collection period. Both indices may have benefited from the waning effects of tax filing season, as many late filers received their refunds in late April. However, with the effects of the tax season now in the rear-view mirror, we expect credit performance to slowly deteriorate over the coming months.
Although our indices showed improved month-over-month metrics, asset-level disclosures told a different story. The percentage of borrowers who went from 60+ days delinquent to current in April was 22.8% and 16.8%, respectively, down from 24.8% and 21.5% during the previous month.
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KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.