(Reuters) - Ally Financial Inc (N:ALLY), the largest U.S. auto loan company, reported a 37 percent fall in quarterly profit as it made less money from its automotive and dealer financing businesses.
Net income fell to $268 million, or 47 cents per share, in the third quarter ended Sept. 30 from $423 million, or 74 cents per share, a year earlier.
Excluding items, the company earned 51 cents per share, in line with analysts' average estimate, according to Thomson Reuters I/B/E/S.
Total auto loans made by Ally were down 6 percent at $11.1 billion.
Income from auto financing fell 16.4 percent to $347 million, while income from dealer financing decreased 18.5 percent to $387 million.
The company has been trying to boost its market share by financing cars made by Ford Motor Co (N:F) and Nissan Motor Co Ltd (T:7201) after General Motors Co (N:GM) replaced Ally as the exclusive lessor for Buick, GMC and Cadillac vehicles in February.
Up to Wednesday's close of $20.70, Ally's stock had lost about 12 percent this year.