Post Tagged with: "Chase Auto Finance"

Chase Charge-Offs Rise 47% Amid One-Time Change in Reg Guidance

Chase Charge-Offs Rise 47% Amid One-Time Change in Reg Guidance

October 12, 2017 at 12:33 pm 2 comments

Chase Auto Finance’s charge-offs climbed to $116 million in the third quarter, up from $79 million the same time the year prior, following a change in the treatment of customer bankruptcies, according to the bank’s earnings call today. “Auto charge-offs included approximately $50 million of a catch-up reflecting regulatory guidanceRead More

Lenders Offer Financial Relief to Borrowers After Irma

Lenders Offer Financial Relief to Borrowers After Irma

September 14, 2017 at 11:30 am 0 comments

As those affected by Hurricane Irma begin recovery efforts, auto lenders are offering financial assistance and relief efforts. Early estimates of Irma’s total economic destruction before it made landfall pinned the cost at $100 billion, AccuWeather President Joel Myers said in a statement last Sunday. It’s still unclear how muchRead More

Auto Lenders Provide Relief Amid Hurricane Harvey Devastation

Auto Lenders Provide Relief Amid Hurricane Harvey Devastation

September 6, 2017 at 11:00 am 2 comments

The full economic impact of Hurricane Harvey on the auto industry has yet to be determined, but in the short term it’s clear that many consumers are going to need financial assistance and a number of lenders have stepped up to provide donations and consumer relief. Cox Automotive estimates betweenRead More

Negative Equity Poses Threat to Lenders in Wake of Hurricane Harvey

Negative Equity Poses Threat to Lenders in Wake of Hurricane Harvey

September 4, 2017 at 11:00 am 2 comments

More than half a million vehicles in the Houston area are estimated to be a total loss following the flooding damage caused by Hurricane Harvey, and more of those consumers than ever are upside down on their loans, according to Edmunds.com Inc. Comprehensive auto insurance is the main policy protectingRead More

Fed Numbers Place Ally as No. 1 Lender Amid Wells Fargo’s Pullback

Fed Numbers Place Ally as No. 1 Lender Amid Wells Fargo’s Pullback

August 24, 2017 at 12:18 pm 2 comments

For three and half years Wells Fargo Dealer Services has been the No. 1 provider of retail loans, but now that title belongs to Ally Financial Inc., according to data from the Federal Reserve. Wells Fargo held about $58 billion of outstanding retail auto loans at the end of June,Read More

Stepping Up: How Credit Unions Captured Marketshare Amid Banks Pulling Back

Stepping Up: How Credit Unions Captured Marketshare Amid Banks Pulling Back

July 20, 2017 at 10:30 am 2 comments

Before the great recession, credit unions never offered much in the way of competition to the national lenders in the indirect auto space. Vehicle loans were available only as a “defensive measure” to maintain credit union membership, said Michael Cochrum, vice president of analytics at CU Direct. But that allRead More

Chase Auto Lease Outstandings Rise 41% YoY in 2Q

Chase Auto Lease Outstandings Rise 41% YoY in 2Q

July 14, 2017 at 12:00 pm 1 comment

Chase Auto Finance’s second-quarter lease outstandings increased 41% in the past year to $14.7 billion, the bank announced in its earnings report today. The bank reported higher auto lease incomes but noted that overall non-interest expenses rose in part due to auto lease depreciation. Despite the rise in leasing, total loanRead More

Credit Union Marketshare Nears Record High

Credit Union Marketshare Nears Record High

July 3, 2017 at 10:00 am 2 comments

Credit unions accounted for 20% of the loans and leases outstanding in the first quarter, the highest marketshare notched by CUs since they reached 23.8% share during the financial crisis, Melinda Zabritski, Experian’s senior director of automotive finance, told Auto Finance News. With larger banks like Chase Auto Finance, SantanderRead More

Wisconsin Couple Claim Chase Illegally Repossessed Vehicle

Wisconsin Couple Claim Chase Illegally Repossessed Vehicle

June 28, 2017 at 12:42 pm 1 comment

Chase Auto Finance is being sued for emotional and property damages by a Wisconsin family claiming their car was repossessed after they had satisfied all debts on the vehicle, the plaintiff’s attorneys announced in a press release this morning. The family’s legal representation is asking for a relatively small amountRead More

Chase Avoids Down-Cycle Pressures by Sticking to Credit Strategy

Chase Avoids Down-Cycle Pressures by Sticking to Credit Strategy

June 9, 2017 at 10:00 am 3 comments

Chase Auto Finance is sticking to its strategy and trusting that normalization will run its course, despite the fact that off-lease volume and its effect on used-car values is a stress point, Head of Retail Lending Bruce Jackson told Auto Finance News. “Used-car prices coming down is really good newsRead More

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