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.
