FI showroom red and grey logo
MenuMENU
SearchSEARCH

Q3 Auto Originiations Up at Wells Fargo, Chase Auto Finance

Wells Fargo and Chase Auto Finance grew third-quarter auto originations by 10% and 19%, respectively, with a Wells Fargo official noting that new auto sales were at their highest levels in a decade.

by Staff
October 20, 2015
2 min to read


SAN FRANCISCO and NEW YORK — Wells Fargo reported last week a 10% increase in third-quarter auto originations from a year ago, while Chase Auto Finance realized a 19% increase in originations from the year-ago period.

Wells Fargo’s third quarter auto originations, which were up 2% from the prior quarter, totaled $8.3 billion, with bank officials noting that new auto sales were at their highest levels in a decade.

Ad Loading...

“Auto loans were up $39 billion, or 7%, from last year,” said John Shrewsberry, Wells Fargo’s CFO. “We had record new originations in the third quarter … reflecting the strong auto market while we have remained disciplined in our approach.”

Wells Fargo’s net charge-off rate was 31 basis points of average loans, up slightly from the prior quarter due primarily to seasonally higher auto losses.

Auto originations for Chase Auto Finance grew to $8.1 billion in the third quarter, with officials noting that loans skewed toward the prime space.

Net income for Chase’s card, commerce solutions and auto finance divisions totaled $1.1 billion, a 6% decrease from a year ago, according to the company. Combined net revenue totaled $4.8 billion, a 2% increase. Additionally, noninterest expense for card, commerce solutions and auto rose 8% to $2.2 billion, driven by higher auto lease depreciation and higher marketing expense.

Chase stated that third-quarter results reflected a continued steady growth in new-vehicle sales and stable used-car values.

Ad Loading...

“We saw average loan and lease balances up 9% and the pipeline is good,” said Marianne Lake, JP Morgan Chase CFO. “Finally, on credit, the net charge-off rate for the quarter was 241 basis points, and we expect net charge-offs of around 250 basis points over the medium term.”

Overall, JP Morgan Chase reported net income of $6.8 billion, or $1.68 per share for the third quarter 2015 — an increase of22% from a year ago. Net revenue fell 6% to $23.5 billion.

Wells Fargo reported net income of $5.8 billion, or $1.05 per diluted common share — up 1% from a year ago. Revenue was up 3% at $21.9 billion.

More F&I

Man holding magnifying glass over sales volume paper.
F&IMay 29, 2026

Why Your F&I PVR Is Misleading You

Here’s a handy checklist of the numbers to track in 2026 instead.

Read More →
Photo of woman typing on a laptop as she sits on a couch
F&Iby Hannah MitchellMay 29, 2026

Auto Consumer Anxiety Presents Opportunity

A survey of U.S. drivers found the majority are concerned about finances and the economy, but those fears make many ready to buy vehicle-protection products.

Read More →
Dustin Gingerich standing on stage giving a presentation
F&Iby Lauren LawrenceMay 28, 2026

Humble and Hungry: 12 Rules for an F&I Life

Dustin Gingerich, with a decade in the F&I business under his belt, shares his thoughts on leadership, building trust with customers, and the importance of learning and innovation.

Read More →
Ad Loading...
Photo of businessman's hands resting on files on a desk
F&Iby John TabarMay 27, 2026

Focus on the Opening

F&I managers must learn as much as possible about their customers, starting before they walk into their offices. The bulk of today’s consumers expect that, and good results will follow.

Read More →
Photo of a three-seat vehicle back seat
F&Iby Hannah MitchellMay 22, 2026

F&I Reaches for the Sky

The increasingly important profit center continued making gains in the first quarter, according to StoneEagle data, ancillary products proving more popular as consumers hold onto their buys longer.

Read More →
Cover image for a BOK Financial report titled “Timing the market: How avoiding volatility entirely can hurt long-term reinsurance program performance.” The image shows several road construction barricades with flashing amber warning lights lined up in a nighttime work zone. Beneath the image, red text explains that avoiding volatility can mean falling behind inflation and missing market rebounds that drive long-term surplus growth. The BOK Financial logo appears at the bottom right.
SponsoredMay 8, 2026

Timing the Market Can Hurt Long-Term Program Performance

For dealer-owned reinsurance entities, avoiding volatility entirely can mean falling behind inflation and missing market rebounds that drive long term surplus growth. Missing just a handful of strong market days can materially impact cumulative returns—an important reminder for long horizon trust and investment strategies.

Read More →
Ad Loading...
Ryan Ruff, The 90/10 Rule, Automotive Training Academy, Sales Series
F&IMay 6, 2026

The 90/10 Rule

In this video, Ryan Ruff explains the rule that elite sales professionals use to turn ordinary conversations into unforgettable customer experiences.

Read More →
Photo of essential oil diffuser on desk next to laptop
F&IMay 4, 2026

Your Office Is Talking

What’s the atmosphere saying about you to your customers? You can make minor adjustments and additions that transform your space into one that creates trust with the people on the other side of the desk.

Read More →
"Effective training ensures the customer’s needs remain at the heart of everything we do. When that is the focus, both sales and profits naturally improve." by Rick McCormick with F&I and Showroom logo and picture of Rick McCormick
F&IMay 1, 2026

F&I Training Fundamentals

How can auto dealerships help F&I managers fulfill their vital role in the most effective ways? Industry expert Rick McCormick shares his insights on the best ways to train these professionals and help them maintain good habits.

Read More →
Ad Loading...
Photo of car tire and the tread mark it left in snow
F&Iby Hannah MitchellApril 29, 2026

Not Just Any Tire Will Do

More consumers and businesses are opting for all-season options for various reasons as safety, sustainability and convenience push practical change.

Read More →