Performance Report: Consumer Unsecured, September 2024

dv01 typically analyzes both Consumer Unsecured and Subprime Auto data in its monthly performance research. However, Consumer Unsecured data is available earlier than Subprime Auto data.

To deliver the most up-to-date analysis, this month's report will focus solely on Consumer Unsecured, providing an early preview of October performance and the effects of Hurricanes Helene and Milton. Subprime Auto analysis will be deferred to ensure a more timely report

Quick Insights

• Hurricane Update: Thus far, hurricane-impacted regions have seen a post-storm impairment spike of nearly 100 bps, and to date are tracking even higher than Harvey/Irma trends. It is still very early and the vast majority of borrowers have yet to face their first post-hurricane payment.

• TransUnion Data: FL/GA/SC, TX/OK/LA, and AZ/NV (last month's weaker performing regions) saw modestly better credit performance in Bank Cards but continue to see much worse collateral characteristics, especially on the Average Excess Payment ("AEP") growth side.

• Consumer Unsecured: September saw most metrics at or above seasonally-adjusted trends (though not by the same magnitude as previous months), largely driven by hurricane-related malaise. 30+ Impairments fell 11 bps MoM, primarily driven by improved New Impairment rates.