After a major overhaul of its auto business, Wells Fargo & Co. ramped up originations in the second quarter to deliver its most significant auto loan origination growth in 10 quarters.
Wells Fargo originated $6.3 billion in auto loans in the second quarter, an increase of 43 percent year over year. Originations outpaced consumer pay-downs — meaning the company grew its portfolio at a faster rate than consumers paid off their loans — for the first time since the third of quarter 2016.
Auto loan balance, however, slipped slightly to $45.7 billion, a decrease of 4 percent from the prior year, the company said in a statement Tuesday.
- Wells Fargo Says No to Personal Smartphones and Tablets, Period
- Whistleblower Gives Wells Fargo A New Crisis
- Report: Bank of America and Wells Fargo exploring Apple Pay ATMs
- Wells Fargo Code Used To Illegally Access Consumer Data
- Wells Fargo, Visa test pay-by-phone in United States
- One Put, One Call Option To Know About For Wells Fargo & Co.
- Wells Fargo warns of ongoing DDOS attacks
- Wells Fargo banks on next-generation ATMs
- Wells Fargo Downgraded Apple From Outperform To Market Perform Based On Gross Margin Concerns
- Wells Fargo's mobile banking redesign includes biometrics, tracks customer insights