The Industry's Leading Source For F&I, Sales And Technology

Special Finance®

Fitch Reports Positive February for Auto Loans

March 06, 2008

New York — The performance of securities backed by U.S. automotive loans improved slightly in February, in line with normal seasonal patterns, Fitch Ratings said Thursday.

Prime and subprime delinquencies of 60-plus days fell compared with January levels, while annualized net losses rose, but at a slower rate compared with prior months, Fitch said.

"Despite weaker overall performance beginning in the second half of last year and into 2008, (auto asset-backed securities) ratings have remained stable to positive because the loss rates have remained within Fitch's original expectations," Hylton Heard, a director in Fitch's asset-backed securities group, said in a statement.

Heard added that while Fitch expects the pace of upgrades of auto asset-backed securities to slow, it doesn't expect a jump in downgrades.

Your Comment

Please note that comments may be moderated. 
Leave this field empty:
Your Name:  
Your Email:  

CLOSE [X]

READ NEXT

Guardian Warranty Names New CEO

Guardian Warranty Corporation announced that John Stultz will be stepping down as president and CEO and that Joan Saunders will become the chief executive officer of the company.