DETROIT — Auto originations rose for Ally Financial Inc. in the third quarter, driven by demand for leases and for loans on new General Motors products.
For the seventh consecutive quarter, used vehicles accounted for at least half of Ally's auto originations .
GM originations increased 44 percent from a year earlier to $1.3 billion, while Fiat Chrysler originations went up 12 percent, to $900 million, the lender said Wednesday in a statement. Lease originations advanced 30 percent, to $1.3 billion.
Ally CFO Jenn LaClair said on a call with investors that steady interest rates, healthy consumer spending and strong used-vehicle prices helped maintain Ally's growth in the quarter.
She noted that while interest rates are up from several years ago, "we're well below the high historic level. We're not seeing a lot of price sensitivity of the consumer."
Overall new-vehicle originations rose 17 percent, to $3.4 billion. Originations through the growth channel, which consists of franchised dealerships that sell brands other than Chrysler or General Motors, jumped 20 percent to $1.2 billion.
Net income climbed 2 percent to $381 million. Revenue of $1.6 billion reflected a 6 percent increase.