F&I
Ally leans further into nonprime and Carvana
Ally's third-quarter 10-Q shows borrowers with FICO scores below 620 made up 11% of consumer originations (versus 9% a year earlier) and Carvana-sourced loans 15% (versus 11%), after Ally raised its Carvana purchase commitment by $2.0 billion to $8.0 billion. The consumer auto net charge-off rate held at 1.9% and delinquency rates trended lower this year, per its SEC filing on Nov. 2. The mix shows Ally taking more exposure to lower-score borrowers and one large retail channel.
Sources: Link
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