Earnings | Auto Finance News - Part 8

OneMain Financial Boosts Direct Auto Portfolio by 35% in 2Q

OneMain Financial grew its direct auto portfolio by 35% year over year to around $3.38 billion in receivables, the company reported in its second quarter earnings report. “[Direct auto] is about 22% of the portfolio this quarter versus around 18% a year ago, so I think we’re getting growth in our direct auto,” Scott Parker, […]

BMW Financial’s Originations Increase as Mobility Efforts Heighten

As BMW Group keeps focus on its long-term goal of innovative mobility, the OEM’s financial services unit now holds $147.6 billion in consumer loan contracts on its balance sheet, up 3.5% year over year, according to its second-quarter earnings report.  BMW Financial Services signed 480,303 new credit financing and leasing contracts with retail customers in […]
  • Nicole Casperson
  • August 3, 2018
  • Earnings

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 […]
  • William Hoffman
  • August 2, 2018
  • Earnings

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
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