I’ve heard Jamie Dimon, the CEO of JPMorgan Chase, speak in person several times and he always comes across as the straightest of shooters. He’s blunt. He’s honest. He’s going to tell it to you like it is.
Which is why the warning he just issued this morning deserves more than cursory attention. Dimon’s warning: competition will heat up in auto finance.
Dimon said in response to the last question he fielded predicted that competition in auto finance will accelerate, because auto credits are performing so well. He said JPM’s auto chargeoffs were just 49 basis points in the second quarter. As a result, “competition will come,” he said.
Clearly, a blunt prediction.
