...Asset Performance Steadily Improving: The Fitch 30+ and 60+ Delinquency Indices continued to decline, reaching record lows in 3Q15 (0.76% and 0.37%, respectively). The Annualised Loss Index also decreased further, to 0.15% in 3Q15, from 0.20% in 2Q15. Auto Market Improving: New car registrations continued to grow in 3Q15 across all major EU countries, with used car prices increasing slightly (see page 4). European manufacturer sales are set to increase by about 7% in their domestic markets in 2015 compared to 2014, and growth is expected to continue in 2016. Sector Sentiment Remains Subdued: The manipulation by VW of diesel emissions in the US introduced uncertainty over the treatment of diesel emissions by regulators in Europe in general (see Special Topic page 6). Additionally, concerns for manufacturers' profitability over slowing growth in new vehicle sales in China persist. Auto ABS Issuance Increasing: Auto ABS issuance across Europe was up 13% on a volume basis in 3Q15 relative to...
