Three Top 20 Finance Sources Report Solid Loan Growth in 2012
Chase, Wells Fargo and Huntington Bank report expanded auto lending in the fourth quarter 2012 vs. the same quarter in 2011.
JP Morgan Chase, Wells Fargo and Huntington banks reported strong gains in auto lending for 2012, though quarter-over-quarter results fell flat for Wells Fargo.
Fourth quarter average auto loans for Chase totaled $49.3 billion, up 5 percent from the year-ago period and up 2 percent over the previous quarter. Auto originations accounted for $5.5 billion in the fourth quarter 2012, up 12 percent from the prior year and down 13 percent from the third quarter 2012.
Chase’s charge-off rate for auto loans was 0.36 percent, down from 0.37 percent in fourth quarter 2011 and down 0.74 percent in third quarter 2012. “The prior quarter included the impact of incremental charge-offs related to auto loans discharged under Chapter 7 bankruptcy,” Chase stated in a note to shareholders.
Wells Fargo’s auto originations totaled $5.4 billion in the the fourth quarter 2012, down 15 percent from the third quarter but up 8 percent from fourth quarter 2011. Total loans for the bank’s fourth quarter totaled $799.6 billion, up $29.9 billion from the same quarter one year prior.
Within the 15 Eastern states it serves, Huntington Bank grew originations by $0.4 billion in the fourth quarter vs. the year-ago period. For the year, however, overall consumer loans dipped from the prior year, with auto originations falling by 1.4 billion, or 23 percent to $2.5 billion.
In the third quarter 2012, Wells Fargo and Chase were listed as the No. 1 and 4 auto finance sources by market share, respectively. Huntington Bank was listed in the Top 20 at No. 17.
More F&I
F&I Sales Give Dealers First-Half Lift
Product business shored up total profits to avoid an overall revenue tanking as product penetrations held steady, StoneEagle reported.
Read More →
Targeted Training Drives Results
Today’s technology, instead of threatening F&I managers, can actually make them better, according to an industry veteran who’s watched market setbacks roil the unprepared.
Read More →
Just Do It
F&I managers need training, but instead of resisting application or expecting perfection, they should improve by simply acting on what they learn.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →
Leading with Purpose
In this video, Trent White explains how understanding your people’s 'why' is a key leadership responsibility of F&I professionals and how that mindset drives dealership engagement, trust and performance.
Read More →
Integrating Nontraditional F&I Products
The niche presents a strategic advantage for auto dealerships as they move to adapt to fast-changing consumer expectations in today’s market.
Read More →
Trust Is Personal
Technology, no matter how efficient, can’t replace what the human F&I manager can do, which is to bridge the divide between cyberspace and the in-store experience.
Read More →
Amplify 2026 Billed as Turning Innovation Into Results
Reynolds and Reynolds says its annual retail summit will connect dealers with practical strategies, peer insight, and technology-driven ideas.
Read More →
Own Your Outcome: F&I in the Digital Customer Journey
Finance has historically been the last step in the car-buying process, but it doesn’t have to be. The customer’s journey starts long before they arrive at the dealership, and so should F&I’s involvement.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →