Big Banks Grow Auto Loan Portfolios in 2013
Many of the auto finance big boys are full on into earnings season, and the numbers are on the rise.
Bank of America ― ranked 7th in the Auto Finance Big Wheels report ― reported a $38.5 billion auto portfolio at yearend 2013. That figure compares with $35.9 billion of auto loans on the books at yearend 2012, a 7.2% increase.
By comparison, Chase Auto’sportfolio grew 5.7% last year, to $52.8 billion, and Wells Fargo’s increased 10.9% to $50.8 billion. Chase and Wells Fargo were ranked 4th and 5th, respectively, in the 2013 Big Wheels report.
As for originations, Bank of America stopped delineating its auto data in mid-2013, when results from the Dealer Financial Services unit were lumped in with Card Services and renamed Consumer Lending.
The only mention of auto loan volume in today’s earnings call related to the direct-to-consumer channel. President and CEO Brian Moynihan said that in the fourth quarter, BofA’s direct auto business was up 55%, though he offered no further information.
