May 23, 2018

Ally Sees Used Growth

By Staff Writer April 29, 2018

Ally Financial Inc. saw strong application growth for used-vehicle financing in the first quarter.


Ally reported 1.9 million decisioned applications for used vehicles in the first quarter. This was up from 1.6 million in the fourth quarter of 2017.


The finance company reported 1.01 million new decision applications in the first quarter, down from 1.06 million in the fourth quarter.


Overall, Ally’s auto finance division reported net financing revenue up year-over-year due to higher retail assets and yields partially offset by lease portfolio run-off.


Net financing revenue was down quarter-over-quarter due to declining lease portfolio and lower day count.


Other revenue was down year-over-year driven primarily by lower finance sale activity.


Provision expense declined year-over-year due to relatively flat retail auto charge-offs and lowered hurricane specific reserve. Provision declined quarter-over-quarter due primarily to seasonally lower charge-offs.

Last modified on Sunday, 29 April 2018 23:58