PNC’s Early-Stage Auto Delinquencies Climb 120% in 1Q Earnings

PNC Bank reported a 120% year-over-year increase in auto delinquencies in first-quarter earnings this week. Delinquencies 30 to 59 days past due increased to $77 million in the quarter compared with $35 million during the same period the year prior. Late-stage delinquencies 60 to 89 days past due were also on the rise climbing by 80% year […]

PNC Bank Launches Online Direct Auto Lending Portal

PNC Bank is teaming up with online automotive marketplace TrueCar to launch its own digital car-buying service, the bank announced today in a press release. Dubbed PNC Total Auto, consumers can shop new and used cars from nearby dealers, select the features they want, find the best pricing, and apply for a loan before entering […]

Delinquencies Rise at PNC Amid Continued Impact From Hurricanes

PNC Financial Services Group Inc. reported a rise in delinquencies in the fourth quarter due to typical seasonality and continued residual impact from the hurricanes, the company reported in earnings today. Auto loans 30 to 59 days past due rose 55% year-over-year to $79 million, according to the report. Additionally, accruing loans 60 to 89 […]

PNC Reports Rise in Delinquencies Due to Hurricanes

PNC Financial Services Group Inc. reported a “moderate impact” on auto delinquencies in the third quarter due to the recent hurricanes, according to the bank’s earnings call today. Auto loans 30 to 59 days past due rose 87% to $71 million from the same time the year prior. The increase was primarily due to higher delinquencies […]

PNC Sees Continued Growth in Auto Portfolio

PNC Bank saw increases in its auto portfolio accompanied by an uptick in delinquencies and losses, according to the company’s second-quarter earnings report. Auto outstandings at the Pittsburgh-based bank grew to $12.4 billion, up 9% compared with the same period the year prior. The company does not report origination numbers. “Our credit box [for auto […]

Direct Lending Helps Grow PNC’s Auto Outstandings 10%

PNC Financial Services Group Inc.’s auto outstandings were up 10% to $12.3 billion, from $11.1 billion during the same quarter a year prior, the bank reported in its first-quarter earnings report. The Pittsburgh-based bank attributed some of the growth to its direct-lending product called Check Ready, during the company’s earnings call yesterday. Direct lending could actually “change the […]

PNC Grows Auto Portfolio by 11% YoY in 4Q Earnings

PNC Financial Services Group Inc. grew its auto outstandings by 11% year over year, the company disclosed in its fourth quarter earnings report. The Pittsburgh-based bank grew its auto portfolio to $12.38 billion in the fourth quarter up from $11.15 billion during the same period prior. Following industry trends, PNC saw an increase in delinquencies, […]

Security Service Credit Union Takes Top Spot in Dealer Ranking

For the second straight year, Security Service Credit Union took the top spot in overall performance in an exclusive ranking of dealer preferences about the finance providers they use. The survey, called the Auto Finance Performance (AFP) data query and conducted by Auto Finance News, quantifies and ranks lenders on service, pricing, representatives, and products […]
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