Auto finance reached a whole new level last year, as loan and lease outstandings surpassed $1 trillion for the first time in history, according to the annual Big Wheels Auto Finance ranking of car lenders and lessors.
The record $1.01 trillion volume capped six straight years of expansion for the nation’s top 100 players, who control the majority of the auto finance business in America. Combined, loan and lease outstandings last year among the top 100 financiers grew at an 11.6% clip, quicker than the 10.4% pace notched in 2014, according to Big Wheels Auto Finance, which has been published annually since 1999.
“Record new-car sales and positive economic factors propelled auto loan and lease outstandings to unprecedented levels last year, even amid a tough regulatory environment,” said Marcie Belles, Vice President of Auto Finance at Royal Media, which publishes the report in conjunction with Auto Finance News, the industry’s newsletter of record. “Continued vehicle demand will continue to prop up financing totals for the near term, as elements of disruption — particularly from the shared economy — weave their way into the market.”
The Big Wheels Auto Finance Data Report, which was released today, is the nation’s only ranking of the Top 100 auto financiers in the United States by originations and outstandings. The Top 5 Companies as ranked in the 2016 report as of Dec. 31, 2015, were:
- Toyota Financial Services
- Ally Financial Inc.
- Chase Auto Finance
- Ford Motor Credit Co.
- Wells Fargo Dealer Services Inc.
Toyota Financial Services overtook Ally Financial as the No. 1 financier by portfolio size, and retained its lead for origination volume. Toyota ended the year with $86.4 billion of receivables and $42.6 billion of originations; Ally had an $80.5 billion portfolio and $41 billion of originations.
Big Wheels Auto Finance Data 2016 also offers comparative data for the prime/subprime analysis section that debuted in last year’s report. The YOY data offers the ability to track prime and subprime credit scores and funding percentages at the nation’s 25 largest auto financiers.
The 2016 Big Wheels Auto Finance Data Report is available at www.BigWheelsData.com.
About Big Wheels Report
Published annually since 1999, the Big Wheels Report tracks the loan and lease operations at banks, captive finance companies, credit unions, and independent auto lenders. Additionally, the report includes contact information for the Top 100 finance companies, as well as an origination forecast for 2016.
The Big Wheels Auto Finance report is tabulated using information provided by the finance companies, data from public documents, and calculations based on proprietary formulas.