Toyota Financial Services Tops Ranking of Auto Lenders
NEW YORK (May 11, 2021) – The auto finance market grew 2.2% in 2020, despite nearly grinding to a halt in the early days of the COVID-19 pandemic, new data released today shows.
Auto loan and lease outstandings hit $1.24 trillion last year — an all-time high — according to the annual Big Wheels Auto Finance ranking of car lenders and lessors.
“Amazingly, auto finance outstandings and originations grew last year despite a 15% decline in new-vehicle sales,” said Marcie Belles, author of the report. “Broadly, the lending landscape has been encouraging, though it remains to be seen how delinquency rates and credit performance will fare heading into 2022.”
The Big Wheels Auto Finance Data Report has been published annually since 1999.
For the most part, growth was muted last year. Though 26 companies recorded double-digit growth, an equal number of companies posted portfolio declines. The median growth rate was 3.4%.
Meanwhile, the segment that grew fastest last year consisted of finance companies that cater to consumers with tarnished credit histories.
Released today, the Big Wheels Auto Finance Data Report is the nation’s only ranking of the Top 100 auto financiers in the United States by outstandings and originations. The Top 5 financiers as ranked in the 2021 report, were:
|Lender||2021 Rank||2020 Rank|
|Toyota Financial Services||1||1|
|Ford Motor Credit||5||5|
Toyota Financial Services maintained the top spot, ending 2020 with $101.4 billion of loans and leases outstanding and $53.4 billion of originations, a growth rate of 7.4% and 15.3% respectively.
The 2021 Big Wheels report includes enhancements that provide a deeper understanding of the sector. The ranking by loan and lease outstandings has been expanded to the top 200 auto financiers and these companies have also been added to the contact directory included with the report. Additionally, the origination forecast has been extended to three years. Combined, these enhancements offer insight into a wider array of market players and the direction the industry will take through 2023.
The 2021 Big Wheels Auto Finance Data Report is available at www.BigWheelsData.com.
ABOUT BIG WHEELS
The Big Wheels Auto Finance Data Report is the nation’s only tabulation of auto lending and leasing. The report, published annually since 1999, uses a wide range of public, private and proprietary data to formulate its ranking of the Top 200 auto finance companies, and includes a directory of these companies as well as an interactive online data tool of the rankings data.
Press copies of the report and expert commentary on the findings are available through Marcie Belles, a 20-year Auto Finance industry veteran and author of the report. She can be reached at 832-754-5502 or by emailing us.