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ABS Auto Loan Extensions Related to Covid-19 - December 2020 Update

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Watch: ABS Auto Loan Extensions Related to Covid-19 - December 2020 Update

With December's spike in extension rates, loan deferrals reached their highest levels since the summer. As a result, the percentage of loans in active extension status increased to 1.0% and 7.65% for prime and public subprime issuers, respectively. COVID-19-related extensions recorded an average of 4.1 and 3.0 full payments for prime and subprime public issuers, respectively. In addition, obligors with high FICO scores have needed fewer COVID-19-related extensions.