Dealertrack’s Credit Availability Index inched up to 102.4 in April from a revised 102.3 reading in March. But analysts say subprime borrowers’ share of all approved auto loans fell “sharply” to 17.4% after climbing to 19.5% one month earlier.

“The April pullback follows March’s surge to its highest reading since March 2020,” analysts write. “Despite the decline, subprime share remains elevated, up 370 [basis points] year over year.”

Negative-equity deals declined to 58.5% after three straight record-setting months. But terms of 72 months or more accounted for 29.7% of all loans in April, a new record, and the average down payment fell to 13.4% from 13.9%.

Read the full report at Cox Automotive