"Strong used vehicle values and an improving economy are helping to propel prime U.S. auto ABS losses to new record lows, according to the latest index results from Fitch Ratings.
Prime auto loan ABS delinquencies and annualized net losses (ANL) declined 24 percent and 11 percent month-over-month, respectively.
Positive economic data, including lower unemployment in recent months, resulted in improved loss frequency during March. Prime 60-plus days delinquencies dropped to 0.35 percent, the lowest level in over a decade. Delinquencies were 31.4 percent lower in March versus March 2011.
Prime ANL improved for the third consecutive month to a new record low of 0.34 percent in March, besting February's prior record low. ANL were 49.25 percent lower compared to March 2011.
In the subprime sector, 60-plus days delinquencies sank 25 percent to 2.56 percent in March month-over-month, the lowest level in just under a year. Delinquencies were 2.7 percent lower in March versus a year ago. Subprime ANL skidded lower to 4.71 percent in March, a 29 percent improvement over February and 7.8 percent better than in March 2011. " [Read more]
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