Auto credit access hits a decade high as Dealertrack’s index climbs to 105, driven by narrowing spreads and rising approval rates. The overall loan approval rate climbed to 74% in July, up 37 basis points from June. The average contract rate dropped 8 basis points to 10.90%, while the 5-year Treasury yield rose 12 basis points to 4.33%. Negative equity share declined 23 basis points to 56.8%, a fourth straight monthly drop after peaking at 59.2% in March. It remains up 269 basis points year over year and above every monthly reading recorded between 2015 and 2019.