Credit card charge-offs eased to 3.67%

• Credit-card performance data from the Fed show charge-off rate eased to 3.67% from 4.02%. The latest print continues a stabilizing trend off the cycle highs.  
• The credit-card 30+ DQ rate slipped to 2.80% from 2.83%, corroborating the charge-off read.
• No card ABS in this week's tape.

Exeter prints into a record-DQ subprime backdrop

Exeter 2026-3 (A-3 AAA, $209M) keeps the nonprime shelf busy even as collateral stays under stress. The presale shows credit enhancement levels staying high to absorb generally higher loss expectations for subprime auto collateral. Other high-level collateral and structural metrics look broadly consistent with recent Exeter deals. Exeter's book is essentially all used, so the used-vehicle CPI (down 2.0% YoY) matters. See Exeter's loan-by-loan vintage performance here. 

Prime captives carry the week's auto-ABS slate; nonprime print stays small

• This week was a captive/prime parade: Hyundai 2026-B (A-3 AAA, $753M, WAL 2.42), Ford Credit 2026-B ($440M), Porsche lease 2026-1 (A-3 AAA, $354M, WAL 1.9).
• CarMax 2026-B A-3 cleared I+57 at a 1.93 WAL, the lone nonprime-adjacent benchmark alongside Exeter 2026-3's smaller $209M print.
• Affordability is the through-line, with the avg new-auto loan amount at $42.5k (+6.5% YoY).
• Issuance is broadly healthy even as nonprime collateral performance stays challenged.