Earnings | Auto Finance News - Part 3

GM Financial Profits, Originations Grow in 3Q

General Motors Financial boasted increased profits, higher loan originations, and improved credit quality in the third quarter, according to yesterday’s earnings. Net income for the quarter shot up 118% to $441 million, as the captive notched its fifth straight quarter of higher credit scores underlying finance volume. “We financed 43% of GM new vehicles sales […]

Santander Originations Soar 52% Despite FCA Uncertainty

Santander Consumer USA drove origination growth 52% year over year, the company reported in its third-quarter earnings released today. However, executives on the company’s earnings call failed to address Fiat Chrysler Automobiles Group’s plans to form its own captive. “We do not have further updates on those discussions,” Chief Financial Officer Juan Carlos said during the […]
  • Nicole Casperson
  • October 31, 2018
  • Earnings

Ally Boosts Used Financing to Offset Lower GM, Chrysler Penetration Rates in 3Q

Despite lower penetration rates financing General Motors and Chrysler vehicles, Ally Financial’s efforts to diversify originations kept volume consistent year over year, according to the lender’s third-quarter earnings. Ally’s penetration rates for General Motors and Chrysler were the lowest seen this year. GM’s penetration rate decreased to 5% compared with 7% during the same time […]

CPS Reports Drop in Revenue, Earnings While Originations Rise

Consumer Portfolio Services reported decreases in revenue and earnings for its third quarter ended September 30. The finance company reported income of $3.2 million on revenue of $95.6 million in the just-ended three month period. In the same quarter last year, the company generated a profit of $4.7 million on revenue of $109.5 million. However, the […]
  • Nicole Casperson
  • October 18, 2018
  • Earnings

Wells Fargo Auto Originations Climb Despite Shrinking Portfolio

Though Wells Fargo Auto’s portfolio declined in the third quarter, the bank posted higher origination volume and improved credit performance in its third-quarter earnings released today. Originations increased 10% year over year to $4.8 billion, yet Wells Fargo’s auto portfolio declined 17% to $46.1 billion. The bank noted the downsized portfolio is “reflecting our focus […]
  • Nicole Casperson
  • October 12, 2018
  • Earnings

Auto Finance Feels the Pressure of Fed’s Rate Hikes

Major automakers are reporting declines for U.S. sales as signs of tightening credit conditions are adding pressure to financing options for consumers.  Ford, Toyota, Nissan, and Honda all reported sales declines in September of 11.2%, 10.4%, 12.2%, and 7%, respectively. Though Hyundai sales rose 0.6%, sibling brand Kia was down 1.8%, according to sales reports. […]
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