NEW YORK and SAN FRANCISCO -

Both Chase and Wells Fargo enjoyed positive developments in connection with their third-quarter auto loan origination volume performances.

Starting with Chase, the company indicated its Q3 originations totaled $6.3 billion, a figure 7-percent higher year-over-year and 9-percent higher quarter-over-quarter.

The growth left Chase's average auto loan amount as of the third quarter at $48.4 billion, up 4 percent from the prior year, but flat compared with the prior quarter.

Chase determined its auto net charge-off rate came in at 0.74 percent, up from 0.36 percent in the prior year and 0.17 percent from in the prior quarter.

In explaining the third-quarter charge-off rate rise, Chase officials said, "Regulatory guidance requiring loans discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower to be charged off to their collateral value, regardless of their delinquency status, resulted in an incremental $55 million of net charge-offs.

"Excluding these incremental charge-offs, auto net charge-offs would have been $35 million for the current quarter, and the net charge-off rate would have been 0.29 percent," Chase added.

The company's 30-day delinquency rate connected with auto loans continued on an upward track that's been going on for the last three quarters. The third-quarter rate was 1.11 percent after it settled at 0.90 percent at the close of the second quarter and 0.79 percent after this year's opening quarter.

A year ago, Chase's 30-day delinquency rate stood at 1.01 percent.

Wells Fargo Report

Meanwhile, over at Wells Fargo, the company reported that it generated the same amount of auto originations during the third quarter as Chase — $6.3 billion. That amount represented a 20-percent jump year-over-year, but a 3-percent softening from Wells Fargo's output during the second quarter.

Wells Fargo officials cited "increased competition and lower risk-adjusted returns" as reasons why its originations dipped against the previous quarter, but they pointed toward "growth across the credit spectrum" as the trigger for year-over-year improvement.

The company indicated its third-quarter net charge-offs rose $33 million from the previous quarter, "reflecting seasonality and higher delinquencies."

In fact, Wells Fargo's 30-day delinquency rate came in at 1.40 percent in the third quarter, up from the year-ago reading of 1.22 percent.

Officials noted its outstanding amount of auto loans finished the third quarter at $46.0 billion, up 3 percent from the previous quarter and 10 percent year-over-year.