Changelog
What changed in the figures and the pages · through October 30, 2026A definition that changed, a series added or retired, coverage that grew, a page that moved. The methodology describes every figure as it stands today; this page is the record of how it got there. Daily data updates are not listed: figures change whenever an issuer files, and each page says the month it runs through.
- Auto Loan
Recovery on defaulted loans
A Recoveries tab shows how much of what borrowers owed each shelf recovers within 12 months of default, net of repossession and sale costs, for loans defaulting in each four-quarter period, with its margin of error, a 6-month early read and cuts by loan-to-value and new or used vehicle. It is also a download. The methodology says how each issuer's figures are checked against its servicer reports and which shelves are not shown.
- Auto Loan
Pool balance corrected on twelve auto loan deals
A correction to the pool balance, and every figure measured against it, on the presale reports and Deals tables of twelve deals. Six Santander and Drive deals (2021-1, 2021-3, 2022-3, 2023-2, 2023-5, 2024-1) had shown the larger statistical pool their prospectus describes, not the pool sold to the trust; four Ally deals (2022-2, 2022-3, 2023-1, 2024-2) the receivables' amount financed or an earlier Ally deal's pool, not the discounted balance Ally sells; and two World Omni deals (2021-B, 2026-A) an earlier deal's pool. Each pool is now the one the final prospectus states for the pool sold, which equals the deal's first servicer report. Hard CE rises by 0.5 to 3.75 points on the Santander and Drive deals and reads 5.85% on all four Ally deals; World Omni 2026-A reads 4.75%, not 5.04%.
- Auto Loan
Hard credit enhancement for deals priced 2017 to 2020
The Deals tables now show subordination, reserve, initial overcollateralization and Hard CE for 202 auto loan and lease deals priced 2017 to 2020, read from each deal's final prospectus on the same definitions as later deals, with each part checked against the deal's first servicer report or a second figure in the prospectus. A part that cannot be checked is left blank, and so is that deal's total. Those prospectuses do not print ratings, so the AAA notes are taken to be the Class A notes, as on every deal since 2021.
- Auto Loan
The performance page opens on All Issuers
The Auto Loan and Auto Lease performance pages now open on the market series by calendar month rather than on one issuer's shelf (Carvana for loans, Ford Credit for leases). Pick issuers from the picker as before; every deep link to a named shelf still opens that shelf.
- Issuance
Honda's yield supplement is not shown as YSOC
Honda supplements the yield on its low-rate loans with a cash account deposited at closing, not with yield supplement overcollateralization, so the YSOC row of its presale reports and deal comparisons now reads n.a. On eight Honda deals it had shown the account's deposit as a share of the pool (5.71% for 2025-1). Honda's enhancement figures, which never counted the account, are unchanged.
- Auto Loan
Hard credit enhancement for captive lenders' deals, corrected
A correction to the Hard CE columns of the Deals tables and the enhancement figures on the presale reports for deals with a yield supplement (Ford, Toyota, Hyundai, GM, Nissan, World Omni, Capital One Prime, Fifth Third and others). Initial overcollateralization is now what the deal holds at closing - for Ford and Toyota, zero, as their prospectuses state - where it had shown the level the deal builds to (2.00% for Ford, 0.85% for Toyota, 3.00% for Hyundai). Every part of the total is now measured against the pool net of the yield supplement, as the issuers and rating agencies measure it, and the yield supplement shown is the amount at closing; on 40 deals it had been the preliminary prospectus's figure. Ford's typical Hard CE moves from 6.89% to 5.25% and Toyota's from 3.46% to 2.75%. Lease deals and lenders without a yield supplement are unchanged.
- Credit Card
Credit card history back to 1996, and earlier trusts
The credit card trusts' records now reach back as far as their servicer reports allow - to 1996 for American Express, Citi, Capital One and Bank of America, 2002 for Chase and 2004 for Comenity - and ten trusts no longer issuing (among them Discover, Sears, Providian, Metris, Household and National City) are listed under Earlier trusts. Earlier months use each measure's present definition; where an older report printed only dollar amounts, the rate is calculated and the methodology says which. All Trusts now runs from 1996 for delinquency and from 2008 for charge-offs. A correction - All Trusts figures for August 2009 to November 2012 had left out Bank of America, the largest trust, whose reports for those months were missing; they now include it.
- Issuance
Presale reports lead with enhancement beneath the AAA notes
The structure block on every auto loan and lease presale report now opens with the enhancement beneath the AAA term notes (subordinate notes, overcollateralization and reserve, initial and at target) with its components beneath it, then pricing and terms. "AAA % of pool" is retired. The AAA spread is now the fixed-rate AAA class nearest a two-year weighted-average life, with the class and its WAL shown; floating-rate classes are no longer used. The tranche table shows each class's enhancement, coupon and the benchmark its spread is quoted over, and marks classes the depositor retained. The same rows appear in the Performance pages' deal comparisons.
- Credit Card
American Express net charge-offs from 2006
American Express's net charge-off rate now runs from June 2006, calculated from the defaults and recoveries in its servicer reports exactly as Amex calculates the net rate it has printed since October 2008. Months already shown are unchanged.
- Credit Card
Excess spread as the early-amortization trigger tests it
The Excess Spread chart now opens on the 3-month average that each trust's early-amortization trigger tests, measured where the trigger applies - the whole issuance series for Chase, Citi, Bank of America, Capital One, Synchrony and Wells Fargo, and the weakest series for American Express, First National, Comenity and Barclays Dryrock, named in the tooltip. Capital One, which reports its trigger in dollars, now has a percentage, calculated on its prospectus's definition. The Monthly view keeps the trust-level figure, and All Trusts' monthly excess spread now runs from 2006.
- Credit Card
Earlier charge-off and delinquency rates for five trusts
Charge-off rates now run from 2006-2011 for Chase, Capital One (net), Bank of America and Comenity, and 30+ day delinquency from 2006 for Amex and 2009 for Comenity. Where an older report printed only dollar amounts, the rate is computed on the site's definitions and used only where it matched the trust's own printed rate in later months; the methodology says which. Months already shown are unchanged.
- Credit Card
Chase delinquency from 2007, Barclays Dryrock gross losses from 2012
Chase's delinquency now runs from October 2007 and Barclays Dryrock's gross loss rate from December 2012, read from the same lines of the trusts' servicer reports in the layout they used before November 2015. Months already shown are unchanged.
- Auto Loan
Deal terms for deals priced 2017 to 2020
The Deals tables now show closing date, size, weighted-average credit score and (for loans) APR for 221 auto loan and lease deals priced from 2017 to 2020, read from each deal's final prospectus. Each figure is shown only where an independent record confirms it, the deal's servicer reports, its closing filing or its loan-level data, so a few cells stay blank. Credit enhancement at pricing is not yet shown for these deals.
- Issuance
Class sizes and credit scores corrected on recent auto deals
Class sizes on 10 auto deals from 2021 on now match each deal's final prospectus and first servicer report; four of those deals' sizes change (Capital One Prime 2024-1, Santander Drive 2021-2, Toyota 2024-A, Ford Credit 2024-B), and subordination and hard credit enhancement change where a class below AAA was resized. The weighted-average credit score changes on 32 deals, mostly BMW, Capital One Prime and Nissan lease, to the figure the prospectus states for the deal's own pool, which its loan-level data confirms.
- Auto Lease
Deals that stopped reporting count as wound down
A deal whose servicer reports stopped more than three months before its issuer's newest report now counts as wound down, whatever its last pool factor. Lease trusts are usually called while 12-23% of the pool remains, so 64 lease deals (and one Santander loan deal) had been counted as active years after their last report; issuers' active-deal counts fall accordingly. In every Deals table, a wound-down deal's latest-reported figures are now marked with the month of its final report.
- Auto Loan
Pool APR in the Deals table
Each loan issuer's Deals table now shows the pool's weighted-average APR at cut-off, as the deal's final prospectus states it. Deals before 2017 show it where the issuer's later prospectuses print it and it has been checked against the record; elsewhere the cell is blank.
- Issuance
Pool APR corrected on auto presale reports
The weighted-average APR shown for auto loan deals now matches the pool figure in each deal's final prospectus. For some issuers it previously showed the new-vehicle or non-subvented figure, or an earlier pool's, so the APR in comparison tables changes for many deals, by more than half a point for 86.
- Auto Loan
Earlier issuers, and choosing vintages
The issuer picker lists issuers that no longer issue public auto ABS (Triad, United PanAm, Long Beach Acceptance, Franklin, Bank of America, Huntington, Chrysler Financial) with their loss curves by deal age, and Ally's and BMW's loss curves for every loan originated each year. Vintage charts open on the last ten years of vintages; the Vintages control shows the last five, all, or any span of years.
- Auto Loan
Loss curves back to 2001
The Losses tab now includes earlier deals for most issuers, back to 2001 where the record allows. Deals from 2010 to 2016 come from the trusts' own monthly servicer reports; earlier deals from the static-pool tables issuers publish in their prospectuses. With many deals on a chart, lines are colored by vintage year.
- Credit Card
Yield before losses, and excess spread for the whole trust
Portfolio yield is now shown before charge-offs for every trust (most trusts previously showed it net), so trusts compare like for like and charge-offs stay on their own line. Excess spread is the trust's own figure, or the average across its series weighted by size where each series reports separately; a series in its first month is left out. The methodology lists each trust's source line.
- Auto Lease
Credit gains shown on every lease shelf
A net credit gain now shows as a negative loss on every lease shelf, monthly and cumulative. Some shelves previously showed such months as zero, so their credit-loss history now dips below zero where the servicer reported a gain.
- Auto Lease
Residual results by month, and All Issuers for leases
The Residuals tab's time series shows each shelf's gain or loss on the leased vehicles sold each month, as a share of their residual value. The lease pages gain an All Issuers line for delinquency and credit losses.
- Auto Lease
Turn-in rate
The lease pages show each shelf's turn-in rate, the share of leases reaching their scheduled end whose vehicle comes back rather than being bought, by month and by deal age, for the five servicers that report one. The methodology says how each servicer states it.
- Site
Accessibility pass
Every page checked against WCAG 2.1 AA with an automated audit on desktop and phone, and walked with the keyboard. Text colours meet the contrast rule, every control has a name and a visible focus ring, charts carry a description and the Table display is their text form, pickers and menus close on Escape.
- Site
Data downloads
Every series on the site can be downloaded as a CSV file with its source, definition and citation in the header, under a CC BY 4.0 licence.
- Credit Card
Full history for every trust, tied back to the certificates
Each trust's figures now run from its first public servicer certificate. Yield and Excess Spread are separate tabs. The methodology lists what each trust's figure is.
- Macro
The address is the view
The category, series, transform and date range are in the page address, so a link opens the view it was copied from. The page is dated by its newest observation.
- Issuance
Filters in the address
Metric, period, sector, rating and agency filters are in the page address; the page is dated by its newest filing.
- Credit Card
Credit card performance pages
One page per master trust and an All Trusts series weighted by receivables, with delinquency, charge-offs, payment rate, yield, excess spread, balance and each trust's deals. The old /cc/ address forwards.
- Auto Loan
The Explorer retired; its addresses forward
Every old Explorer link opens the matching performance page. Year-over-year view, an All Issuers line, repossession counts and the Porsche lease shelf added.
- Auto Loan
New performance pages for auto loan and auto lease shelves
One page per shelf with delinquency, losses, repossessions, vintages and a deals table; lease shelves show credit net loss and residual value gain or loss from the servicer reports.
- Auto Loan
First-time repossession rate
Repossessions in the month over the loans at risk at its start, from the loan-level filings. The Credit Score Analysis tab is retired.
- Newsletter
Archive search
Every past briefing is searchable from the masthead of the newsletter pages.
- Auto Loan
Losses from the servicer reports
Loss curves and annualized net loss now come from the monthly 10-D servicer reports, reconciled deal by deal, instead of being reconstructed from the loan-level files.
- Issuance
Deal size from the class table
A deal's size is the sum of its class principals as the prospectus lists them.
- Macro
CPI breakdown table
The CPI table shows each component's weight and its contribution, with a heat map of the monthly changes.