Chase Auto Finance, JP Morgan Chase & Co.’s auto lending and leasing unit, turned in strong performance last quarter, and appears to be picking up market share amid a turbulent economy.
Auto originations at Chase climbed 82% year-over-year and 30% quarter-over-quarter, according to the company’s 3Q09 earnings report released today. Chase said its market share gains are coming in the prime auto finance segment, and as a result of “new manufacturing relationships.” Last fall, Chase became Mazda’s captive finance company, and agreed to provide financing for Jaguars and Land Rovers.
Specifically, Chase Auto originated $6.9 billion of auto loans last quarter, up from $5.3 billion the previous quarter, and $3.8 billion in the same quarter of 2008. The bank now maintains an auto portfolio of $43.3 billion, essentially flat year-over-year and quarter-over-quarter.
See JPM’s earnings presentation here. The bank’s auto finance statistics are on page five.
