Ally Financial, Capital One, Huntington Bank auto originations mixed

Ally Financial, Capital One and Huntington Bank posted mixed results in the second quarter for auto originations and credit performance.

Ally Financial’s auto originations rose 20.9% year over year in Q2 to $13.3 billion, while Capital One's auto originations increased 18.9% YoY to $12.9 billion. Huntington Bank's auto originations, however, decreased 39.1% YoY to $1.4 billion.

Delinquencies were also mixed, with the rate of auto loans 30-plus days past due down YoY at Ally and Capital One but up at Huntington. The auto net charge-off rate rose YoY at Capital One and Huntington but declined at Ally.

Tesla, meanwhile, produced 451,758 cars, up 10.1% YoY, in Q2 and delivered 480,126, up 25% YoY. The EV manufacturer's lease penetration decreased to 1.6% in Q2 from 1.7% a year prior but was up from 1% in Q1.

Leasing continues to help consumers access lower monthly payments. AmeriTrust Financial this month launched a program with direct car-buying company Military AutoSource to provide new- and used-vehicle leasing for military service members.

In funding news, Pagaya Technologies issued its largest auto asset-backed securitization deal at $750 million as the fintech continues to see strong investor interest and auto volume.

In powersports, industrywide boat sales increased 3.6% YoY to 5,292 units in June. Retailer MarineMax reported a 2.1% YoY dip in finance and insurance product revenue in its fiscal third quarter alongside a 7.1% YoY decline in same-store sales.

Harley-Davidson Financial Services' originations also increased 10% YoY in Q2 to $940 million while motorcycle sales increased 3% YoY to 29,751 units in North America.

In this episode of “Weekly Wrap,” Auto Finance News Editor Amanda Harris, Senior Associate Editor Aidan Bush and Associate Editor C.J. Moore discuss second-quarter trends across sales, finance and insurance revenue, powersports and funding.