Performance Report: Consumer Unsecured and Subprime Auto, April 2024

Quick Insights

• Student Loans: Aggregate student loan debt has fallen 4% YoY and 30% from their 2017 peaks. While, income-based repayment ("IBR") plans have decreased on a balance basis, they've increased on a loan count basis. This suggests borrowers are becoming aware of their repayment options.

• Macro: Non-mortgage debt—adjusted for inflation and household formation—fell in Q1-2024 for the second largest decline in over a decade.

• Consumer Unsecured: April performance was nearly the best in the sector's history (excluding COVID), with 30+ Impairments falling 20 bps MoM.

• Subprime Auto: April performance was strong, with most metrics exceeding seasonally-adjusted trends. 30+ Impairments fell 5 bps MoM.