Fitch: Net Losses on Prime Loans Improve 18%
NEW YORK -- Annualized net losses on prime auto loans dropped 18.1 percent in February to 1.08 percent, the lowest level since June of 2004, and 22.3 percent lower than February 2004, according to the Fitch Ratings newsletter.
NEW YORK -- Annualized net losses on prime auto loans dropped 18.1 percent in February to 1.08 percent, the lowest level since June of 2004, and 22.3 percent lower than February 2004, according to the Fitch Ratings newsletter.
Delinquencies of 60 days or more on prime auto loans were virtually unchanged in February at 0.60 percent, down from January's 0.61 percent. This is a 9.1 percent drop from one year ago.
Cumulative net losses were 0.93 percent in February, down from 0.94 percent in January, and an 8 percent drop from February 2004.
In the subprime market, delinquencies of 60 days or more dropped 6.1 percent in February from January to 2.94 percent and are 5.8 percent lower than in 2004. Annualized net losses climbed 3.9 percent in February to 7.75 percent but remained 12.8 percent lower than in 2004.
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