Chase Auto lease volume up 42% in Q2

Chase Auto ’s originations rose year over year in the second quarter as leasing volume climbed and credit performance improved. Auto originations landed at $11.3 billion in Q2, up 4.6% year over year and 5.6% quarter over quarter , according to JPMorgan Chase ’s earnings supplement today. Wells Fargo also posted an 86.5% YoY jump in auto originations to $6.9 billion in Q2, a ccording to the bank’s earnings report today. Higher lease volume contributed to originations growth, and increased operating lease income contributed to an uptick in auto and card services revenue, Jeremy Barnum , EVP and chief financial officer, said during the bank’s earnings call today. Auto and card services revenue combined totaled $6.9 billion in Q2, up 14.9% YoY and 0.7% QoQ, according to the supplement. Loan and lease outstandings totaled $86.6 billion, up 0.2% YoY and 0.6% QoQ. Lease outstandings jumped 42.3% YoY and 11.6% QoQ to $15.2 billion. Chase Auto was the fourth-largest auto lender by outstandings at yearend 2024 with a portfolio of $84.7 billion, according to the latest Big Wheels Rankings data . Auto portfolio growth also follows the bank’s rollout of auto refinance last month. Credit performance bankwide was in line with expectations and net charge-off guidance was unchanged, Barnum said. “Consumer credit is primarily about the labor market, and in a world with a 4.1% unemployment rate , it's going to be hard, especially in our portfolio, to see a lot of weakness,” he said. The rate of auto loans 30-plus days delinquent was 1.12%, flat YoY and down 8 basis points (bps) QoQ, according to the supplement. Net charge-offs came in at 0.38%, down 14 bps YoY and 18 bps QoQ. The bank’s allowance for auto loan losses totaled $637 million, or 0.74% of outstanding loans and leases, down 12 bps YoY and flat QoQ. Meanwhile, JPMorgan Chase is keeping an eye on tariffs and their impact on various sectors, Barnum said. “Different sectors are going to have different experiences as a function of their margins, their sensitivity to input costs, their amount of pricing power, their amount of leverage and where the rules actually land,” he said. “People are getting some time to adjust and we're watching it very closely.” Shares of JPMorgan Chase [NYSE: JPM] were trading down 0.7% from market open to $286.55 as of market close today. JPMorgan has a market capitalization of $795.4 billion. Auto Finance Summit, the premier industry event for auto lending and leasing, returns October 15-17 at the Bellagio Las Vegas. To learn more about the 2025 event and register, visit www.AutoFinance.live/AFS .

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