The auto segment of the S&P/Experian Consumer Credit Default Indices stayed flat on a sequential basis in July.

And analysts from S&P Dow Jones Indices and Experian highlighted July’s auto reading settled only four basis points above its historical low. The auto default rate came in at 0.96 percent in July, the same as June. Last July, the rate stood at 1.03 percent.

The national composite rate — a comprehensive measure of changes in consumer credit defaults — remained at the lowest compared to more than 10 years of historical data. That composite rate was 1.01 percent in July, down one basis point from last month.

Extending a streak of nine consecutive months of declines, analysts noted the first mortgage default rate fell to 0.88 percent. S&P and Experian also mentioned the bank card default rate declined 16 basis points to 2.86 percent in July.

“Consumer credit default rates dipped slightly below last month’s rate,” said David Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices.

“At just above 1 percent, default rates remain at historical lows. Mortgage default rates have been trending down while auto and bank card are a bit higher than their historical lows set in April and March,” Blitzer continued.

“Driven by mortgages, household debt decreased in the second quarter of 2014,” he went on to say. “Non-housing debt rose slightly in the second quarter. In the latest Federal Reserve survey of lending standards, a small portion of banks reported some easing of standards while most banks reported no change.”

Looking at the five largest metropolitan areas analysts track monthly for this report, Los Angeles dropped to its lowest default rate of 0.66 percent in July. A year earlier, the rate stood at 1.56 percent.

Dallas saw its default rate decline by 7 basis points to settle at 0.80 percent. Blitzer noted that Big D is only a few basis points away from its historical low set in May.

Miami continues to maintain the highest default rate among this group at 1.51 percent.

“Chicago and Miami are at their lowest default rates since 2006,” Blitzer said. “All five cities — Chicago, Dallas, Los Angeles, Miami and New York — remain below default rates seen a year ago.”

Jointly developed by S&P Indices and Experian, Blitzer reiterated the S&P/Experian Consumer Credit Default Indices are published monthly with the intent to accurately 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.