Recently, the 2014 Auto Finance Big Wheels data report came out, listing the nation’s top five auto lenders for the year of 2013:
- Ally Financial
- Toyota Motor Credit
- Chase Auto Finance
- Wells Fargo Dealer Services
- American Honda Finance
Keep in mind, these lenders are ranked by their total outstandings, not by customer service or anything of that matter. This is a strictly statistical ranking.
2012 versus 2013 for Auto Finance Companies
The report, which is the only one of its kind to aggregate auto loan and lease data in this manner, showed that the combined portfolios of the top 100 lenders grew by 14% in 2013, more than twice the growth experienced in 2012. A main factor in this growth was a staggering 30% increase in loan and lease originations in 2013.
- 2012 Originations: $399 Billion (in Receivables)
- 2013 Originations: $447 Billion (in Receivables)
That said, a report spokesperson is quick to state that slower growth should be expected in 2014, due largely to stringent regulations and compliance standards, as well as an increasingly competitive environment.
The Full Report
The full 2013 Big Wheels Data Report can be purchased here for $595. The report is published by Auto Finance Advisors, in conjunction with Auto Finance News. You can read more on the report’s findings here: http://www.autofinancenews.net/auto-finance-outstandings-hit-record-822-1-billion-in-2013/