Chase Auto Finance loan and lease originations fell to $8.5 billion for the second quarter, from $9.6 billion in the first quarter — an 11.5% decline. Combined originations were up year over year, from $7.8 billion in 1Q15.
The 30+ day delinquency rate for auto was at 1.16% in the second quarter, up from 0.94% in 1Q, and up from 0.95% at the same time a year prior. Meanwhile, the net charge-off rate fell to 0.29%, from 0.44% in 1Q, but up from 0.23% at the same time a year prior.
JPMorgan Chase & Co. Chief Executive Jamie Dimon made headlines in early June when he told attendees of an investor conference that auto was “a bit stressed.” His now infamous exact words were, “someone will get hurt in auto lending.”
