Chase Auto Finance has its foot back on the gas in autos this year, with second-quarter originations up about 10% from a year ago.
Competition in auto finance “got more aggressive, not less aggressive,” said Jamie Dimon, chairman and chief executive of parent JPMorgan Chase & Co., in a conference call today.
Chase originated $7.8 billion worth of loans and leases in the quarter, up from $7.1 billion a year ago. Total outstanding auto loans were $56.3 billion, up 6%. In the first quarter, Chase Auto originations were up 9%.
Chase CFO Marianne Lake said auto originations “continue to reflect steady growth in new-vehicle sales and stable used car values.” She added, “The pipeline is healthy.”
U.S. auto sales were up about 3% in the second quarter to 4.6 million, according to Autodata Corp.
A year ago, Chase originations were up just 4% from the second quarter of 2013. At the time, Lake said Chase was holding back from “participating in some of the growth that others do.”
Chase was the No. 5 U.S. auto lender in 2014, based on $54.5 billion outstanding, according to Big Wheels Auto Finance Data 2015.
