Ally Auto Borrowers With 2022 Loans Now Struggling, CFO Says.

Ally Financial Inc. is facing challenges with borrowers who purchased expensive cars in 2022 and are now struggling to make high monthly payments due to elevated used-auto prices and soaring inflation. The company's Chief Financial Officer, Russ Hutchinson, highlighted that while borrowers still have jobs, they are finding it difficult to manage loan payments and increased car-ownership costs. Ally has tightened access to credit to mitigate losses, with a focus on stabilizing auto credit for future borrowers. Additionally, even higher-income consumers are feeling the impact of rising car prices, prompting Ally to verify income and employment for potential borrowers more rigorously. [Extracted from the article]