Earnings | Auto Finance News - Part 5

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. […]

Tesla Hints at Direct Leasing for Model 3s

Tesla has improved its car production numbers and has signaled that it will soon turn to direct leasing deals to further boost sales, the company noted in its 3Q vehicle production report. The electric car company produced 50% more vehicles — 80,142 —- than it did in the second quarter, which was its previous all-time […]

Chrysler Capital More Than Doubles Originations in New York

Chrysler Capital is making a big sales push in New York state as the lender’s loan and lease volumes are up 128% year over year for the month of June, according to Experian’s Auto Count data provided to Auto Finance News. The company originated 5,465 contracts across the state, up from 2,391 the same month […]
  • William Hoffman
  • August 28, 2018
  • Earnings

Carvana Originations More Than Double Amid Geographic Expansion

Carvana’s originations of finance receivables increased to $525.8 million during the first six months of 2018, compared with $223.8 million during the same time last year, according to the company’s second-quarter earnings released this week. That boost in financing tracks with the online dealership’s higher retail sales expectations this year. Sales climbed 111% during the second […]
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