Lenders’ auto originations were mixed in the first quarter, though most reported declining delinquencies.
Originations reported by major banks include:
- Ally Financial, up 12.8% YoY to $11.5 billion;
- CarMax Auto Finance, down 1.5% YoY to $1.9 billion;
- Chase Auto, down 2.8% YoY to $10.4 billion;
- U.S. Bank indirect loan and lease production, mostly made up of auto loans, up 47.3% YoY to $1.7 billion; and
- Wells Fargo Auto, up 110.9% YoY to $9.7 billion.
Bank of America did not break out auto originations. However, its indirect and direct consumer outstandings, primarily consisting of auto and specialty lending loans, fell 0.4% YoY to $53.9 billion. Ally, Chase, U.S. Bank, Wells and PNC Financial reported YoY declines in auto loan delinquencies.
Fifth Third Bank’s rate of 30- to 89-day delinquencies dropped 7 basis points YoY to 0.61%.
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