Ally Financial Inc.
stock fell 3.5% in premarket trades after the auto and home lender said it expects 2023 retail auto originations to be on the lower end of its estimated low-$40 billion range because of “tightened underwriting.” It also missed its first-quarter adjusted earnings target. Changes to its expected funding mix and lower retail auto loan originations will “put near-tern net interest margin under pressure,” the company said. Ally said it expects 2023 net interest margin of about 3.
stock fell 3.5% in premarket trades after the auto and home lender said it expects 2023 retail auto originations to be on the lower end of its estimated low-$40 billion range because of “tightened underwriting.” It also missed its first-quarter adjusted earnings target. Changes to its expected funding mix and lower retail auto loan originations will “put near-tern net interest margin under pressure,” the company said. Ally said it expects 2023 net interest margin of about 3.