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The Detroit-based lender has been a major beneficiary of the auto market’s growth during the pandemic. Looking ahead, company executives expect demand to be particularly strong among higher-income customers who have little sensitivity to higher car prices and rising interest rates.
ALLY earnings call for the period ending June 30, 2022.
Consumers are feeling less confident about their economic prospects, and investors worry their loan repayments will slow. Those fears have led to large drops in stock prices for consumer finance companies, particularly for those who lend to borrowers with lower credit scores.
The online consumer lender touts its AI-based underwriting models as a key strength, but analysts say larger-than-expected losses on some of its loans are contributing to funding pressures.
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