Origination Report: Consumer Unsecured and Subprime Auto, Sept 2025

September: Record-High Unsecured Originations; Auto Issuance Remains Subdued

dv01’s latest origination report highlights continued strength in Unsecured Personal Loans and ongoing softness in Auto issuance.

Quick Insights

Consumer Unsecured

• Record September: Originations rose 4% MoM, the strongest September on record, and were up 52% YoY, marking the seventh straight month of above-trend growth.

• Stable Credit Quality: Top Grade loans increased to 53% of total originations, FICO scores held steady at 727, and GWACs declined to their lowest levels since early 2022.

Subprime Auto

• Subdued Volumes: Securitized Auto issuance remains well below 2019 levels, with loan counts down 12% despite higher average balances.

• Rising PTI Ratios: Incomes fell faster than balances, pushing PTIs roughly 80 bps above pre-COVID levels, while GWACs have climbed 380 bps since 2020.