ATLANTA -

With the number of subprime loans originated year-to-date approaching the 1-million mark, the latest Equifax National Consumer Credit Trends Report indicated severe delinquency rates are the lowest they have been in nearly a decade.

Equifax reported the severe delinquency rate — the percentage of outstanding loans that are 60 or more days past due — for auto loans and leases in April stood at 0.81 percent, the lowest level since September 2005. Analysts explained this uptick in performance coincides with continued growth in the auto loan market — the number of new auto loan originations in 2015 through February reached 4.1 million, a 5.2 percent increase over the same time period last year and the highest number since Equifax began tracking this data in 2005.

“There’s been much concern about the growth of auto lending, particularly in the subprime space, over the past year, yet historically low delinquency rates reveal that the sector continues to perform well,” said Dennis Carlson, deputy chief economist at Equifax.

“More consumers are staying current on their payments, which is due to both improved economic conditions and the fact that lenders and dealers are qualifying the right borrowers across the entire credit spectrum," Carlson continued.

"Additionally, the inclusion of non-traditional data, such as payment statuses for cell phone and utility bills, as well as instant verification of income empowers lenders by providing a more accurate picture of a consumer’s financial standing," he went on to say.

Other highlights from the most recent Equifax data include:

• More than 980,000 auto loans have been originated year-to-date to consumers with an Equifax Risk Score below 620. These are generally considered subprime accounts. This level is an 8.1-percent increase over 2014. These newly issued loans have a corresponding total balance of $17 billion.

• The average new auto loan amount issued in February 2015 was $20,310. This reading is a 4.2 percent increase over February of last year.

• Through February of this year, 24.2 percent of newly originated auto loans were issued to consumers with a subprime credit score, a slight increase in share compared to the same period last year.

• The average subprime loan amount was $17,363 in February. This amount is a 4.4 percent increase compared to February of last year.

• Total auto loans and leases outstanding as of April add up to just over $1 trillion, with loans comprising $934 billion and leases contributing $66 billion.

• Auto leasing has grown for both banks and finance companies. In April, bank portfolios held 973,100 auto leases and finance companies held 6.63 million leases, a 12.1-percent and 19.1-percent year-over-year growth rate, respectively, in outstanding lease accounts.