Performance Report: Consumer Unsecured and Subprime Auto, March 2024

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Quick Insights

• Macro: Net worth grew among all households in Q4-2023 despite an unwarranted negative revision to real estate asset values that conflicts with the underlying Zillow HPI index data showing home prices rising in the fourth quarter.

• Consumer Unsecured: March is seasonally a strong month of credit performance; 30+ Impairments fell 14 bps MoM, and are now down 50 bps (nearly 10% on a relative basis) from their year-end 2023 levels.

• Subprime Auto: Charge-Offs, Prepayments, and Cure/Made Payment rates performed worse than seasonal trends. While Charge-Offs fell 0.4 CDR, it was wear than March 2022 and 2023 improvements.