Auto defaults remained below the 1% mark in May, according to the latest information assembled by S&P Dow Jones Indices and Experian.

Analysts noticed the May auto default reading dropped 7 basis points to settle at 0.87%. Auto defaults have declined 12 basis points since the beginning of the year.

The May composite rate within the S&P/Experian Consumer Credit Default Indices fell 5 basis points from the previous month to land at 0.83%. That rate represents a comprehensive measure of changes in consumer credit defaults.

Analysts determined the bank card default rate rose 7 basis points to 3.90%, while the first mortgage default rate dipped 6 basis points lower to 0.59%.

Moving on to the large markets S&P Dow Jones Indices and Experian watch for each monthly update, the firms four of cities posted lower default rates in May compared to April.

Dallas generates the largest decrease, moving 10 basis points lower to 0.77%. The default rate for New York dropped 7 basis points to 0.91%, while the rate for Chicago fell 6 basis points to 0.90%.

Los Angeles’ default rate edged 1 basis point lower to 0.68%.

Miami was the only city with an increase, ticking up 5 basis points to 1.37%.

Jointly developed by S&P Indices and Experian, analysts noted 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.