Annualized net losses among securitizations of subprime auto loans rose to 6.72% in November, an increase of 4.4% from October and 0.5% from November of 2011, according to Fitch Ratings.
“Subprime auto ABS performance has declined over the past six months, driven by the typical weak fall season going into late 2012,” the agency said in report posted Thursday.
The sector, however, saw 60+ day delinquencies drop 5.4% month-over-month, to 3.53% in November.
For its part, the prime auto ABS sector saw losses easing to record low levels, ranging from 0.14% to 0.53%.
The performance of prime was buoyed by a number of trends, including the recovery of the overall economy, healthy prices for used vehicles, and strong collateral.
Fitch has a stable outlook for prime auto ABS performance in 2013.
