NEW YORK –

Analysts discovered some positive metrics when finalizing April data for the latest S&P Global Ratings report about the auto loan asset-backed securities (ABS) sector.

S&P Global Ratings shared that subprime auto loan ABS losses improved month-over-month to 6.60% from 7.11%. However, analysts acknowledged they worsened from 6.43% year-over-year.

“Although the month-to-month metrics remained stable or improved, delinquencies and losses rose relative to the prior year but with higher recoveries,” S&P Global Ratings said while adding that subprime recoveries improved to 49.02% from 47.36%.

One other note within subprime, S&P Global Ratings pointed out that the 60-plus-day delinquency rate inched down to 4.31% from 4.34% month-over-month but increased from 4.01% year-over-year.

Over in the prime area, analysts determined prime auto loan credit losses improved month-over month and year-over-year to 0.43% from 0.55% and 0.46%, respectively.

“Delinquencies were stable year over year but slightly higher than the seasonal low in March,” S&P Global Ratings said, mentioning that prime 60-day-plus delinquency rate ticked up to 0.37% from 0.34% month-over-month.

Analysts also noted that prime recoveries improved year-over-year in April, rising to 68.30% from 65.77%.

S&P Global Ratings analysts closed its April report by noting, “We lowered our expected cumulative net losses for nine transactions and maintained them for 10 deals.”

Ahead of S&P Global Ratings newest report, senior director Amy Martin joined Nick for another episode of the Auto Remarketing Podcast. The wide-ranging discussion conducted during the National Automotive Finance Association’s annual conference in Plano, Texas, earlier this month can be heard via the below window.