Chase Auto Loans Up YoY in 3rd Quarter
Average auto loans and originations were both up year over year at JP Morgan Chase, but down from the previous quarter, according to the company’s third-quarter earnings released today.
Auto originations increased to $6.8 billion, up 6% from the same time last year, but down from $7.1 billion in 2Q, a 4% drop. The company’s average auto loans were at $52.7 billion, up 4% from $50.4 billion at the same time last year, but down from 2Q’s $52.8 billion.
JP Morgan’s auto net charge-off rate was 0.38%, up from 0.35% in the prior year, however the company posted a $100 million reduction in the allowance for auto and student loan losses.
Non-interest expense was $2.0 billion, up $77 million, or 4%, from the prior year, predominantly driven by an accrual related to Home Depot fraud and higher auto lease depreciation expense.
