Auto & Mortgage Late Payments Creeping Up

S&P Dow Jones Indices and Experian data through August 2019 show that the composite rate rose seven basis points to 0.92%. The bank card default rate fell four basis points to 3.73%. The auto loan default rate was up nine basis points to 0.98%, and the first mortgage default rate increased seven basis points to 0.69%.

Four of the major metropolitan statistical areas (“MSAs”) showed higher default rates compared to last month. Chicago and Dallas showed the largest increase, each up 10 basis points, to 1.05% and 0.93% respectively. The default rate for New York rose five basis points to 0.94%, while the rate for Los Angeles rose three basis points to 0.77% . Miami was the only MSA with a decrease in default rates, down six basis points to 1.28%.

Jointly developed by S&P Dow Jones Indices LLC and Experian, the S&P/Experian Consumer Credit Default Indices are published on the third Tuesday of each month at 9:00 am ET. They are constructed to track the default experience of consumer balances in four key loan categories: auto, bankcard, first mortgage lien and second mortgage lien. The Indices are calculated based on data extracted from Experian’s consumer credit database. This database is populated with individual consumer loan and payment data submitted by lenders to Experian every month. Experian’s base of data contributors includes leading banks and mortgage companies, and covers approximately $11 trillion in outstanding loans sourced from 11,500 lenders.

(PRNewsfoto/S&P Dow Jones Indices)
(PRNewsfoto/S&P Dow Jones Indices)

National Indices




 IndexAugust 2019
 Index Level
July 2019
 Index Level
August 2018
 Index Level
Composite0.920.850.87
First Mortgage0.690.620.65
Bank Card3.733.773.52
Auto Loans0.980.890.97
Source: S&P/Experian Consumer Credit Default Indices
Data through August 2019
 MSAAugust 2019
 Index Level
July 2019
 Index Level
August 2018
 Index Level
New York0.940.890.83
Chicago1.050.950.91
Dallas0.930.830.84
Los Angeles0.770.740.65
Miami1.281.341.57
Source: S&P/Experian Consumer Credit Default Indices
Data through August 2019