Ally Financial Warns of ‘Choppy' Quarters as Auto Income Falls
Ally(ALLY) PYMNTS.com·2024-10-19 04:07
Ally Financial CEO Michael Rhodes says the company’s next few quarters will be “choppy.”In a third-quarter earnings presentation Friday (Oct. 18), the auto lender said it had imposed stricter standards for borrowers by instituting tighter verification requirements for proving income and employment.“Our origination trends reflect a deliberate strategy to be increasingly selective in our underwriting with a focus on prioritizing risk-adjusted returns over origination volume,” Rhodes told analysts during an ea ...