Toyota Financial Services once again tops ranking of auto lenders - Big Wheels
NEW YORK, May 2, 2022 /PRNewswire-PRWeb/ -- The auto finance market grew 6.7% in 2021, despite challenges securing new-car inventory in the COVID-19 era. That growth drove auto loan and lease outstandings to hit $1.3 trillion, an all-time high, according to the annual Big Wheels Auto Finance ranking of car lenders and lessors released today.
On the origination front, total loan and lease volume grew 8.8%. The nation's top 100 financiers closed out 2021 with nearly $690 billion of originations, up from $634 billion in the year prior.
Auto leasing lost popularity for the second straight year, dropping to 22.1% of total outstandings from 23.6% in 2020. With new-vehicle inventory limited, used-vehicle values continued climbing, which made leasing less attractive. In all, 25 financiers offered leasing products, combining to hold $293 billion of leases at yearend. Captives were the primary providers of leases, accounting for $235 billion of lease outstandings last year; their market share increased to 80.2% from 77.3%.
"Auto finance growth in 2021 was largely driven by strong — and expensive — used cars, which bolstered originations," said Marcie Belles, author of the report. "To that end, many financiers recorded lower ratios of new cars in their portfolios. Still, origination volume has been nearly restored to pre-COVID levels, and it continues to climb."
The Big Wheels Auto Finance Data Report has been published annually since 1999. 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 nation's Top 5 financiers as ranked in the 2022 report were:
1. Toyota Financial Services
2. GM Financial
3. Ally Financial
4. Chase Auto
5. Capital One Auto Finance
Toyota Financial Services retained its crown as the No. 1 financier by outstandings, ending the year with $100.5 billion of receivables, down from $101.4 billion in the prior year.
The 2022 Big Wheels report includes enhancements that provide a deeper understanding of the sector. Including estimates for the percent of financing volume made for new vehicles and rankings of the top 100 originators by total new- and used-vehicle volume.
Additionally, Big Wheels 2022 includes data from a phone survey of customer service representatives at the nation's 200 largest financiers. The reps were polled about whether a consumer could secure an auto loan with a credit score below 650 — typically deemed a "nonprime" loan — or below 550 — generally considered a "subprime" loan. The results offer Big Wheels subscribers a more comprehensive of financiers in the market.
The 2022 Big Wheels Auto Finance Data Report is now available at http://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.
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 832-754-5502 or [email protected].
Media Contact
Angelina, Royal Media Group, +1 (865) 405-8685, [email protected]
Angelina Wong, Royal Media, 865.405.8685, [email protected]
SOURCE Big Wheels Auto Finance
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