Earnings | Auto Finance News - Part 7

VW Seeks Greater Finance Penetration in China’s Interior

Volkswagen Financial Services increased its penetration of automotive loan and lease products across China and India but saw Japan taper off, according to the captive’s half-year earnings report released Wednesday. VW originated 413,000 new contracts in the Asia-Pacific region — an increase of 14.6% year over year, according to the report. The OEM’s financial services […]

Huntington Increases Auto Outstandings to $12.3B Despite Lower Origination Volume

Huntington Auto Finance managed to grow its portfolio 8% year over year despite a decrease in origination volume due to tighter lending standards, the bank reported during its second-quarter earnings call. The Columbus, Ohio-based bank held auto balances of $12.3 billion during the quarter while originations declined 2% year over year to $1.6 billion. However, […]
  • Nicole Casperson
  • July 30, 2018
  • Earnings

Ally’s Portfolio Grows Amid Decline in Losses

Ally Financial’s net charge-off rate decreased by the largest margin since the company’s IPO in 2014 while the bank’s auto originations grew by double digits, the company stated in its 2Q18 earnings report. The net charge-off rate for the second quarter was 1.04% of the total portfolio, down 16 basis points compared to the same time the […]

Analysts Challenge CPS Amid 2Q Portfolio Decline

Consumer Portfolio Services’ revenue decreased 10% year-over-year to $99.4 million during the second quarter as a result of lower origination volumes and higher operating costs, Jeff Fritz, chief financial officer, said during an earnings call.  CPS originated $215 million during the quarter compared with $234 million the prior-year period  Outstandings were down slightly as well, […]
  • Nicole Casperson
  • July 26, 2018
  • Earnings

Santander Grows Originations by 45% Amid Chrysler Capital Sales Negotiations

Santander Consumer USA drove origination growth by 45% in 2Q18, the company reported in its quarterly earnings call. Total auto originations were $7.9 billion compared to $5.5 billion at the same time the year prior. “We had a strong second quarter, with clear momentum in our business performance and continued regulatory progress,” Scott Powell, president […]

Popular Inc. Grows Auto Portfolio Ahead of Wells Fargo Purchase

Popular Inc.’s auto loan production is up 29% year over year as the territory’s consumer loan sector rebounds from the effects of the hurricane, the bank reported in second-quarter earnings. Through June, new-car sales in the territory are up 20% compared with the same period the year prior, and while “it’s impossible to measure used […]

SunTrust Grows Portfolio, Improves Online Lending Division

SunTrust Banks managed to lower delinquencies and net-charge-offs in its indirect auto portfolio while enhancing its online direct-lending division — LightStream — Allison Dukes, chief financial officer, said during the second quarter earnings call. “We have lower originations year over year in the second quarter 2018 compared with 2Q17, but with much better performance and […]
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