US Bancorp’s auto loans outstanding hit $15.01 billion at the end of last quarter, up from $14.64 billion in the previous quarter, and higher than the $13.82 billion at the same time last year, according to the company’s first quarter earnings released today.
High-quality auto loans in the indirect channel, which comprise 94% of the company’s auto portfolio, drove the 8.7% year-over-year growth.
Delinquencies 30-89 days past due decreased to 0.30%, down from 4Q14’s 0.45%, but up from 0.26% at the same time a year ago. The company’s auto net charge-off rate saw a similar trajectory at 0.19%, down from 0.33% in the previous quarter, but up from 0.09% at the same time a year ago.
The portfolio has a weighted average Fico of 765, according to the company.
