The largest US banks are warning of trouble ahead in auto loans as dropping prices for used cars risk leaving borrowers underwater. Wells Fargo & Co. said that higher loss rates for loans it originated late last year contributed to an increase in write-offs for the period. A
lly Financial Inc., the country’s second-largest auto lender, saw charge-offs for retail auto loans quadruple in the third quarter. And Fifth Third Bancorp said it’s pulling back on originations.
Used-car prices slumped 7% in the third quarter, the worst decline since the depths of the global financial crisis, according to data compiled by […]
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