Ally Reports Net Charge-Offs Rise Due to High-Priced Cars
ALLYAlly(ALLY) PYMNTS.com·2024-07-18 05:29

Ally Financial reported Wednesday (July 17) that its net charge-offs (NCOs) in the second quarter rose in comparison to the same quarter a year earlier, due in part to losses from loans made when the price of cars peaked about two years ago.While its net charge-offs of $435 million were up from $399 million in the second quarter of 2023, they were lower than the $539 million reported in the first quarter, the company said in a presentation released Wednesday in conjunction with its quarterly earnings call.“ ...