Cumulative net chargeoffs of the subprime auto loans underlying certain asset-backed securities (ABS) stood at 6.70 percent in September of 2007, says Moody’s Investors Service in its most recent Subprime Auto Loan Credit Index.
The historical average for cumulative net chargeoffs for such transactions is approximately 6.6 percent.
Moody’s Subprime Auto Loan Credit Index tracks the aggregate performance of approximately $79.5 billion of nationally diversified subprime auto loans that back Moody’s-rated securities.
The report, "U.S. Subprime Auto Loan Credit Indexes: September 2007," is available on the company’s website, www.moodys.com.
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