Toyota Financial Services Tops Ranking of Auto Lenders
NEW YORK (May 7, 2020) – The auto finance market grew 4.6% in 2019, buoyed by a strong economy, solid lending metrics and innovation investments, new data released today shows.
Auto loan and lease outstandings hit $1.2 trillion last year — an all-time high — according to the annual Big Wheels Auto Finance ranking of car lenders and lessors.
The Big Wheels Auto Finance Data Report has been published annually since 1999.
Though a couple banks exited the space last year, captives, credit unions and finance companies picked up the slack and increased originations despite a 1.2% decline in new-vehicle sales. In fact, originations increased 8.5% last year, the highest growth rate since 2015.
Meanwhile, finance companies that cater to consumers with tarnished credit histories picked up the lending pace quickest last year.
“Financiers last year leveraged innovative alliances and investments in fresh technology to grow their portfolios and control losses despite a slowdown in vehicle sales,” said Marcie Belles, Vice President of Auto Finance at Royal Media, and author of the report. “Yet, in light of the COVID-19 pandemic, the industry is on track for a ‘new normal’ in vehicle sales and finance.”
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 Companies as ranked in the 2020 report, were:
|
Lender |
2020 Rank |
2019 Rank |
|
Toyota Financial Services |
1 |
1 |
|
Chase Auto |
2 |
2 |
|
Ally Financial |
3 |
4 |
|
GM Financial |
4 |
3 |
|
Ford Motor Credit |
5 |
5 |
Toyota Financial Services maintained the top spot, ending 2019 with $94.4 billion of loans and leases outstanding and $46.3 billion of originations.
Given that the report was prepared during the middle of one of the worst crises ever faced by the industry, we have included a forecast that maps the trajectory for auto finance in 2021 and beyond.
“The COVID-19 pandemic could very well erase all the auto finance gains recorded in the past decade,” Belles said. “We are bound to see lenders shutter operations amid rising unemployment and excessive losses. Yet those financiers that develop creative auto finance solutions and take online lending to the next level are poised to grow in the post-pandemic era.”
Returning again for 2020, the report features a one-of-a-kind data tool that allows users to access 12 years of historical data. The data tool includes functionality that enables users to filter, sort, analyze year-over-year, and export outstandings and originations data.
The 2020 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 100 auto finance companies, and includes an interactive online data tool of the rankings data. Our historical data tool allows purchasers to access 12 years of historical data giving users the ability to filter, sort, analyze and export data.
Big Wheels Auto Finance is published by Auto Finance News, a unit of Royal Media. Since 1996, Auto Finance News has been the newsletter of record for the auto lending and leasing market.
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 212-991-6733 or by emailing us.
