Fitch's latest Dinkum ABS Index, measuring the performance of Australian car loan and leasing securitisations up to the end of the September 2015 quarter, showed that the annualised net loss rate fell by nine basis points in 3Q14.This was still 5 bps higher than for the comparable period in 2014. But loss levels remain below Fitch Ratings' base case despite this year-on-year increase, and "strong excess spread has generally covered those losses," Fitch said. It added that it expected "net losses to remain steady at around 0.5 per cent to 0.6 per cent."The September 2015 quarter saw the lowest levels for 2015 of loans that were 30 days or more past due, with delinquencies falling by 28 bps. "The third quarter is typically characterised by falling delinquencies, as borrowers recover from higher arrears experienced in the first half of the year due to holiday spending," said Fitch.Australian prime auto ABS issuance continued to remain modest in the third quarter of 2015; two auto ABS transactions were issued for a total of A$1.3 billion, while six transactions totalling $700 million were redeemed. The outstanding collateral underlying the index fell by $1.4 billion to $9.9 billion.Overall, Fitch's analysis showed that Australia's auto securitisations have performed better than expected, demonstrating a degree of stability over the past five years, reflecting "the relatively benign economy and the small number of originators" in Australia. Fitch said issuance was dominated over this period by Macquarie Leasing.