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Rebounding car sales drive lending boom at Ally

Oct 19, 2020 - American Banker
Financial Results

Rebounding demand for cars - sparked by Americans' reluctance to fly or take public transportation in the midst of the coronavirus pandemic - has driven auto loan originations at Ally Financial to a five-year high.

Ally, one of the nation's three largest auto lenders, originated $9.8 billion of car loans in the third quarter, its highest total since the same period in 2015. Its consumer auto loan originations totaled just $7.2 billion in the second quarter, as stay-at-home orders depressed...