Finance
Ally Shares Fall on Worsening Outlook for Charge-Offs, NIM
- Auto lender tightens criteria for customers to get auto loans
- CFO Hutchinson said last month that consumers were struggling
The Ally Financial logo.
Photographer: Tiffany Hagler-Geard/BloombergThis article is for subscribers only.
Ally Financial Inc. shares fell after the auto lender gave a more pessimistic outlook for loan charge-offs and lowered its net interest margin forecast as consumers struggle with expensive debts.
The firm has tightened its criteria for who qualifies for an auto loan, increasing verification requirements for proof of employment and income and lowering approvals for higher monthly payments, according to a company presentation.