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Ally Expects Steady Originations in 2019, President Says

Ally Financial Inc. hit a “sweet spot” with its auto portfolio last year and is focusing on keeping that consistency throughout 2019, President of Auto Finance Doug Timmerman told Auto Finance News. The bank grew its auto portfolio 2.1% year over year to $35.4 billion at yearend 2018, as delinquencies increased and charge-offs declined, the company reported in fourth-quarter […]

Santander Originations Climb 59% Amid Discussions With FCA

Santander Consumer USA drove up auto originations 59% year over year amid discussions around "optimizing" its current contract with Fiat Chrysler Automobiles Group, SCUSA Chief Executive Scott Powell said during the company's fourth-quarter earnings call this week. “We continue to operate under [the] existing contract,” Powell said during the call. “Our discussions with Chrysler are […]

Ford Credit Earnings Fall Despite Higher Lease Penetration, Stronger Auction Values

Despite favorable lease residual performance driven by higher auction values, Ford Motor Credit Co. posted lower earnings last year, according to results released yesterday. The captive’s full-year 2018 net income dropped 26% to $2.2 billion. Lease penetration in the fourth quarter climbed 4 percentage points year over year, to 21%. The continued rise in leasing […]

Competition, Credit Quality Shape 4Q18 Originations at Chase, Wells Fargo

While JPMorgan Chase & Co.’s portfolio grew amid shrinking originations in the fourth quarter of 2018, Wells Fargo Auto’s portfolio declined despite a bump in loan volume. JPMorgan Chase Chief Financial Officer Marianne Lake attributed the origination slowdown to an “extremely” competitive auto market. “We’re seeing competition from people who have different economic drivers in […]
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