The company made some $10.4 billion in auto loans during the second quarter, up from $9.5 billion in the first quarter. Some credit unions and banks have retreated from the sector, but Ally CEO Jeffrey Brown said that void leaves opportunities for Ally and other lenders that have maintained a large presence in auto lending, including JPMorgan Chase and Capital One Financial.Īuto lending remains a "really attractive market for us," Brown said on the company's second-quarter earnings call.
auto market as quite healthy overall, even as some lenders pull back and more consumers fall behind on their car payments.Įxecutives at the Detroit-based auto lender said Wednesday that they are well aware of the tougher environment, which has led Ally to offer fewer loans to riskier customers and more to super-prime borrowers whose likelihood to repay is much higher.
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