Auto Originations Up 17 Percent in 3Q, Reports Capital One
An increase in auto and commercial loan originations helped fuel a 1 percent profit gain in the third quarter for Capital One Financial Corp., the company reported last week.
An increase in auto and commercial loan originations helped fuel a 1 percent profit gain in the third quarter for Capital One Financial Corp., the company reported last week.
New-vehicle loan originations were up 15 percent in the first half compared to the same period last year, according to Equifax.
First quarter originations shot up 21 percent from the same period last year, with March originations eclipsing what was recorded during the Cash for Clunkers summer of 2009.
Equifax’s national monthly report showed increases in originations for auto, bankcard, consumer finance and home equity revolving lines on a year-to-date basis.
Ally Financial Inc. (Ally) today reported its fourth consecutive quarter of profitability with net income of $79 million for the fourth quarter of 2010, compared to a net loss of $5 billion for the year-ago period.
General Motors Financial Company Inc., formerly known as AmeriCredit Corp., reported net income of $51 million for the quarter ended Sept. 30, 2010.
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.
Consumer payment behavior continues to improve, with TransUnion reporting that the national 60-day delinquency rate fell 18.52 percent in the first quarter of this year to 0.66 percent.
The United States Senate demonstrated bipartisan support for auto dealers on Monday, voting 60-30 to approve a “motion to instruct” lawmakers to include the Brownback Amendment in future versions of the financial regulation bill.
GMAC Financial Services reported a third quarter 2009 net loss of $767 million, an improvement from the net loss of $2.5 billion in the year-ago period.
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