NEW YORK -

While still following cyclical patterns, auto-finance defaults in September climbed to the highest point so far this year, tying for the third-highest reading since 2014.

According to data through September compiled by S&P Dow Jones Indices and Experian, the auto component of the S&P/Experian Consumer Credit Default Indices jumped 7 basis points to 1.05%. The default rate has climbed 16 basis points during the past two months.

Historical data shows defaults typically rise during this portion of the calendar. Defaults hit their crescendo a year ago during December (1.03%). And in 2017, that five-year high arrived in October at 1.11%.

Meanwhile, the composite rate didn’t climb quite as much. The reading that represents a comprehensive measure of changes in consumer credit defaults ticked up just 1 basis point to 0.93%.

The bank card default rate fell 41 basis points to 3.32%, but the first mortgage default rate increased 4 basis points to 0.73%.

Looking at the data by location, three of the five largest metropolitan areas showed higher default rates in September compared to the previous month.

Analysts discovered Chicago produced the largest increase, jumping 14 basis points to 1.19%.

The default rates for New York and Miami each rose 2 basis points, to 0.96% and 1.30%, respectively.

S&P and Experian noticed the rate for Dallas was unchanged at 0.93%.

Finally, Los Angeles was the only among these five cities with a decrease in default rates, dipping 5 basis points to 0.72%.

Jointly developed by S&P Indices and Experian, analysts noted the S&P/Experian Consumer Credit Default Indices are published monthly with the intent to accurately track the default experience of consumer balances in four key loan categories: auto, bankcard, first mortgage lien and second mortgage lien.

The indices are calculated based on data extracted from Experian’s consumer credit database. This database is populated with individual consumer loan and payment data submitted by lenders to Experian every month.

Experian’s base of data contributors includes leading banks and mortgage companies and covers approximately $11 trillion in outstanding loans sourced from 11,500 lenders.