Editor's note: This article has been updated to correctly spell Allen Parker's name.
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. Balance increased 1.7 percent from the first quarter.