Earnings | Auto Finance News - Part 7

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 […]

Exeter Improves Portfolio Performance With Stricter Underwriting

Exeter Finance LLC managed to lower delinquencies and charge-offs in its portfolio by implementing “tighter controls and stricter underwriting,” according to an S&P Global Ratings pre-sale report. Through March, the subprime auto lender’s total delinquencies decreased to 14.55% of the portfolio compared with 15.68% in the same period a year earlier. Similarly, net charge-offs decreased […]
  • William Hoffman
  • July 23, 2018
  • Earnings

Capital One Auto Finance Grows Portfolio, Identifies Risks Ahead

Capital One grew its auto portfolio in the second quarter while lowering charge-offs but still anticipates headwinds moving forward as competition ramps up, the company reported in earnings Thursday.   Charge-offs were down 22% to $1.32 million, which allowed the bank to take back $77 million it had set aside for loss allowances. “Recall that […]

Citizens One Originations Drop in 2Q as Portfolio Runoff Continues

Citizens One Auto Finance originated $12.5 billion worth of auto loans, a 6.7% decline year-over-year, according to the company’s Q2 earnings release today. The bank held $62 million in non-performing auto assets during the quarter — up from $55 million the comparable quarter. Yet, improved recoveries helped off-set the increase as net charge-offs decreased to […]
  • Nicole Casperson
  • July 20, 2018
  • Earnings

Bank of America Severs Third-Party Agreement as Portfolio Flattens

Although Bank of America has maintained “modest growth” year over year in its auto portfolio for the past few quarters, it now expects volume to flatten or even decline in the coming quarters, said Chief Financial Officer Paul Donofrio on the earnings call Monday. “The recent moderation in the consumer growth rate is driven mostly […]

Nicholas Financial Sacrifices Originations for Loan Profitability, CEO Says

Subprime lender Nicholas Financial is valuing “discipline” and “pricing” over volume in an effort to increase profits by utilizing branch offices to enhance relationships with independent dealerships, Chief Executive Doug Marohn told Auto Finance News. “The focus is not on the quantity of business, but rather on the quality and profitability of what we originate,” […]

Wells Fargo Losses Decline as Auto Portfolio Shrinks

Wells Fargo Auto continues to downsize its portfolio and, as a result, is seeing fewer delinquencies and losses, the company reported during its second-quarter earnings call today. The banks automotive net-charge offs are 10.3% lower compared with the same period the year before, while delinquencies are slightly down by 2.3% over the same period. However, […]
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