Auto loan and lease originations at Ally climbed 6.7 percent to $9.5 billion in the first quarter, largely driven by record high used-vehicle loan volumes. Used-vehicle loan originations made up half of Ally's origination volume in the first quarter, setting a record high of $4.8 billion.
"We like the profitability on used," Jenn LaClair, who became CFO last month, said during the company's call with analysts. "We're also aligning with emerging trends and players in the marketplace."
Leases made up 11 percent of originations, and new-vehicle loans accounted for 39 percent.
Ally remains focused on full-spectrum lending, LaClair said during the call. More than 80 percent of Ally's first-quarter originations were to superprime, prime or near prime borrowers with credit scores of 620 or higher.
Ally has more than 18,000 dealership partners industrywide, LaClair said. Ally's growth channel, consisting of franchised dealers who sell brands other than Chrysler or those from General Motors, made up 44 percent of originations in the first quarter, up 4 percentage points. The Chrysler channel accounted for 26 percent, down 2 percentage points, and the GM channel made up 30 percent, down 2 percentage points.