Big Three Captives Lose Ground as AutoCount Ranks Top Lenders
Experian Automotive’s AutoCount has ranked the top auto finance lenders for 2008, listing Toyota Financial Services at the No. 1 spot and revealing that GMAC, Ford Motor Credit and Chrysler Financial Services lost significant market share in a watershed year for the U.S. automotive industry.
ORLANDO, Fla. — Experian Automotive’s AutoCount has ranked the top auto finance lenders for 2008, listing Toyota Financial Services at the No. 1 spot and revealing that GMAC, Ford Motor Credit and Chrysler Financial Services lost significant market share in a watershed year for the U.S. automotive industry.
Last year, the domestic captives represented three of the top four spots on the AutoCount list, with GMAC leading the pack. In 2008, credit unions and regional banks made significant gains as traditionally strong financing sources were forced to work with fewer dealers and finance fewer customers in the face of tightening capital and credit markets.
Here are the top auto finance lenders based on market share in 2008, according to AutoCount:
1. Toyota Financial Services (6.5%)
2. GMAC Financial Services (5.2%)
3. American Honda Finance (5.2%)
4. Ford Motor Credit (4.7%)
5. Chase Auto Finance (4.5%)
6. Wachovia Dealer Services (3.2%)
7. Chrysler Financial Services (2.8%)
8. Nissan Infiniti Financial Services (2.5%)
9. Capital One Auto Finance (1.8%)
10. BMW Bank of North America (1.7%)
GMAC and Chrysler Financial discontinued lease originations last summer, signaling an industrywide retreat from the segment. Non-captive lenders helped to fill the gap, but it remains to be seen if leasing will see a significant rebound in 2009.
Here are AutoCount’s top ten auto lessors for 2008 (based on percentage of new- and used-vehicle sales):
1. American Honda Finance (12.7%)
2. Toyota Financial Services (12.2%)
3. Ford Motor Credit (10.9%)
4. GMAC Financial Services (9.8%)
5. Nissan Infiniti Financial Services (8.9%)
6. Chrysler Financial Services (7.1%)
7. BMW Bank of North America (6.8%)
More Auto Finance
July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →
Auto Refi Savings Surge
Consumers with 84-month auto loan terms who refinanced saved the most on monthly payments, according to a new report by auto refinancing provider Caribou.
Read More →
Subaru Enters Lending Business
The automaker follows other brands in adding captive financing in the U.S., and says the move will strengthen its position here.
Read More →
Positive Equity Reaches Record High
Mainstream vehicle owners who bought a car seven years ago are likely to have positive equity when trading in for a new vehicle, according to second-quarter Edmunds data.
Read More →
Dealerships Are Paying the Price for Extended Car Loans
Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
Read More →
Trade-Ins in Negative Equity Reach New Heights
As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.
Read More →
Auto Credit Plentiful
June numbers show lenders are readily granting access, including to risky borrowers, as consumers leverage themselves to take on high prices.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Porsche Financial Services Shifts Structure
After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
Read More →