US Bancorp Says Its Auto Portfolio Deterioration Has ‘Peaked’
US Bancorp says its lease returns and credit deterioration in its auto finance portfolio appear to have peaked in the third and fourth quarters of 2008.
USB made the disclosure during its first quarter 2009 earnings call this morning. USB has pledged that it will remain in the auto finance business.
US Bancorp’s auto finance portfolio last quarter was slightly over $9 billion, down from $9.2 billion in the fourth quarter of 2008. Auto finance represented about 4.9% of the bank’s overall loan portfolio.
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