NEW YORK — The S&P/Experian Consumer Credit Default
Indices showed the first quarter finished flat for auto loans.

According to data through March, the auto loan default rate
remained flat at 1.11 percent since February. The reading also stayed even with
the mark spotted during the same month a year ago.

Analysts from S&P Dow Jones and Experian who prepare a
comprehensive measure of changes in consumer credit defaults found several
decreases in national default rates in March.

The national composite settled at 1.50 percent in March,
down from 1.55 percent in February. The first and second mortgage default rates
moved to 1.41 percent and 0.69 percent in March, down from 1.48 percent and
0.71 percent in February.

Only one metric moved higher as the bank card default rate ticked
to 3.51 percent in March, up from the recent low of 3.37 percent the
measurement posted last month.

"The first quarter of 2013 shows healthy consumer credit
quality," said David Blitzer, managing director and chairman of the index
committee for S&P Dow Jones Indices.

"The first and second mortgage default rates decreased, the
bank card rate increased and the auto loan rate remained flat in March. All
loan types remain below their respective levels a year ago," Blitzer continued.

Blitzer added four of the five cities analysts cover showed
decreases in their default rates in March.

"Miami was down by 28 basis points, Chicago by 25, Los
Angeles by 15 and Dallas by six basis points," he said. New York was the only
city with increased default rates as it was up 38 basis points."

March's movements still left Miami with the highest default
rate at 2.93 percent and Dallas — the lowest at 1.20 percent among the five
cities.

"All five cities remain below default rates they posted a
year ago, in March 2012," Blitzer said.

Jointly developed by S&P Indices and Experian, Blitzer
reiterated 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.

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