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PNC Bank reported a 120% year-over-year increase in auto delinquencies in first-quarter earnings this week.
Delinquencies 30 to 59 days past due increased to $77 million in the quarter compared with $35 million during the same period the year prior. Late-stage delinquencies 60 to 89 days past due were also on the rise climbing by 80% year over year to $18 million during the quarter.
On the call, PNC noted an increase in delinquencies across its loan products due to effects from last year’s hurricanes.
PNC did see some improvement in the delinquency rate quarter over quarter. Early-stage delinquencies dropped to $77 million compared with $79 million in the prior quarter ended Dec. 31, 2017.
Meanwhile, PNC saw an increase in auto originations. The bank reported a 2.65% increase to $13.1 billion in the 1Q compared with $12.1 billion the comparable period the year prior.
Source : AutoFinanceNews
