Capital One Grows Originations in 2Q
Capital One Auto Finance increased originations by more than 31 percent from the first quarter of 2010, according to the company’s second-quarter financial report. Total originations now account for more than $1.8 billion in loans for the full-spectrum lender.
McCLEAN, Va. — Capital One Auto Finance increased originations by more than 31 percent from the first quarter of 2010, according to the company’s second-quarter financial report. Total originations now account for more than $1.8 billion in loans for the full-spectrum lender.
Capital One also was able to reduce its net charge-off rate to 2.09 percent, a marked decrease from 2.97 percent in the prior quarter. In the second quarter of 2009, the firm’s auto finance charge-off rate was a dismal 3.65 percent.
In an exclusive Q&A that will appear in the September 2010 issue of F&I and Showroom, auto finance chief Sanjiv Yajnik tells executive editor Gregory Arroyo that the firm is poised for growth after rebalancing its loan portfolio.
“We are looking to slowly and methodically grow our business going forward, as we continue to leverage our dealer partnerships and originate loans in areas where we have significant expertise and experience,” Yajnik says.
With its portfolio back on solid ground, Yajnik expects Capital One to be active across the credit spectrum in the months ahead.
“Our current origination volumes are strong and we continue to hold or gain market share in what is once again a competitive auto market,” he says.
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