Q3 Ally Car Loan Applications Down But Value Unchanged
CEO acknowledges that greater market woes may be on the horizon.
Applications down 3.4% year-over-year, but dollar value remained at $12.3 billion.
IMAGE: Getty Images/i_frontier
Ally Financial got fewer auto loan applications in the third quarter but the same finance-origination value of $12.3 billon, the Detroit-based financial services provider reported.
The loan originations total dollar amount was the highest for the third quarter since 2006, it said.
Applications finished the quarter at 3.1 million, down 3.4% year-over-year.
“Our Dealer Financial Services business demonstrated the benefits of scale and deep relationships,” said Ally CEO Jeffrey Brown, who acknowledged murky waters continue to bedevil the industry.
“While we remain focused on delivering solid results each quarter, we’re actively monitoring the uncertainty which lies ahead. The specific path the economy will take over the next few quarters is unclear, but Ally has an incredibly strong foundation in our people and businesses.”
READ MORE: Automotive Industry Remains in Unchartered Waters
Originally posted on F&I and Showroom
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