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Carvana’s originations skyrocket in 2Q

Carvana’s second-quarter earnings were “the most successful quarter-to-date” for the finance platform, Chief Financial Officer Mark Jenkins said during the company’s earnings call yesterday. Carvana’s originations shot up 124.7% year over year to $1.2 billion, compared with $525 million in the prior-year period. In addition, finance gross profit per unit was a record $1,100 — […]

GM Financial boosts originations, OEM talks autonomous in 2Q earnings

General Motors Financial Co. bolstered origination volume 6.5%, maintaining the captive’s growth momentum.   The captive originated $13 billion of loans and leases in the quarter, up from $12.2 billion in the prior-year period. The growth comes on the heels of a 14.8% increase in originations in the first quarter. GMF’s loan portfolio totaled $42.6 billion, up […]

CPS grows originations despite ‘exceedingly competitive’ market, CEO says

Consumer Portfolio Services' originations increased 16.5% in the second quarter, to $250.1 million, despite the fact that the industry is "exceedingly competitive" and "people are growing like crazy," Chief Executive Charles Bradley said during an earnings call yesterday. "That puts pressure on us to eke out our meager growth and our performance amongst these people that […]

Ford Credit loan performance offsets 2Q volume decline

Despite a decline in loan origination volume and lease penetration at Ford Motor Credit, Vice President and Chief Executive David McClelland credits an increase in second-quarter revenue to improving portfolio performance. U.S. loan contract placement volume dropped 26% year over year to 220,00 units, from 299,000. Similarly, lease placement dropped to 81,000 units from 104,000 […]

Newly minted Daimler Mobility to focus on ride-hailing

To coincide with its rebranding to Daimler Mobility AG, the captive lender formerly known as Daimler Financial Services intends to continue expanding its mobility services, with an emphasis on ride-hailing, Harald Wilhelm, member of the board of management for finance and controlling and Daimler Mobility, said during the company’s second-quarter earnings call. Daimler Mobility will […]

Ally Financial expands used-car share, drives higher yields

Ally Financial‘s focus on used-vehicle originations is propping up its auto portfolio yields, according to the bank’s second-quarter earnings report. “First and second quarter tend to be our heavy used seasons,” Chief Financial Officer Jenn LaClair said on an earnings call yesterday. “And then Q3, and especially into Q4, we tend to have more of […]

Bank of America’s direct lending portal gains traction

Bank of America’s technology initiatives continue to gain traction with consumers, according to second-quarter earnings filed with the Securities and Exchange Commission. The bank's online portal drove 60% of direct auto loan applications, up from 55% back in February. Meanwhile, Bank of America’s AI-driven banking assistant, Erica, has experienced an increase in users, surpassing the […]

Wells Fargo, Chase boost auto originations in 2Q

Wells Fargo and JPMorgan Chase recorded auto origination levels last quarter unseen in several years, according to results filed with the Securities and Exchange Commission. Wells Fargo Auto originated $6.3 billion of loans last quarter, up 43% year over year and up 17% from a two-year high recorded last quarter. Outstandings for the San Francisco-based bank […]
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