Loan and lease outstandings increased 2.2% last year for the nation’s 10 largest auto financiers, and two top-10 players recorded year-over-year portfolio declines, according to the Big Wheels Auto Finance Data 2019 report released last week. By comparison, portfolio growth among the 10 largest auto financiers was 4.5% in 2017.
Wells Fargo Auto posted a 15.6% portfolio decline last year, on the heels of a 14.3% drop in 2017. Wells Fargo’s portfolio fell to $45.1 billion, its lowest level in more than five years. As a result, the bank dropped one spot in the Big Wheels ranking, to No. 9. Nissan Motor Acceptance Corp.’s portfolio declined to $49.4 billion of loans and leases outstanding, down 4.8% from 2017.
Meanwhile, GM Financial Co. leapfrogged Ally Financial and Ford Motor Credit to end the year as the nation’s No. 3 financier. Chase Auto retained its second-place spot, while Ally and Ford Credit were ranked fourth and fifth, respectively. On the heels of 17.5% portfolio growth, Santander Consumer USA broke into the top 10 last year; it surpassed Bank of America, which dropped to No. 11.