Check out this post from the Los Angeles Times. It’s a blow-by-blow — er, bank-by-bank — look at third-quarter auto loan performance. Here’s the gist:
Wachovia Dealer Services
• 2.89% of its portfolio was at least 30 days delinquent, up half a percentage point from the prior-year quarter
• The value of nonperforming loans (90 or more days past-due) shot up 35%, to $93 million from $69 million
• Chargeoffs skyrocketed 99% to $195 million
• Originations were trimmed 30% compared with 2Q
Chase Auto Finance
• Chargeoffs climbed to 1.12% of the portfolio, from 0.97% in 3Q07
• Originations were reduced 32% from 2Q
CitiFinancial Auto
• Originations were shaved 62%, to $1 billion for the quarter from $2.6 billion in 3Q07
• 90-day delinquencies increased 42%
• Writeoffs soared 76% to $259 million
Wells Fargo Financial
• The auto division lost $316 million, accounting for 15% of the bank’s quarterly losses
• Delinquencies increased 12% and originations decreased 24% from the prior quarter
The picture just seems to be worsening. Lenders are shrinking significantly (by design), which will make their delinquencies stand out even more.
