WASHINGTON, D.C. –
For the first time according to the data that goes back to the first quarter of 2011 provided by the Federal Deposit Insurance Corp. (FDIC), commercial banks that participate in auto financing saw their quarterly charge-off amount surpass $1 billion.
While FDIC reported that insured institutions generated an 11.9 percent rise in net income during Q4, the agency also mentioned total auto loan charge-offs came in at $1.114 billion, up from $958 million in the third quarter and $966 million a year earlier.