Auto outstandings in 2022 topped $1.3 trillion for the second straight year even as leasing plunged to its lowest levels since 2011 amid limited inventory and scaled-back incentives.
Captives and banks posted the largest declines, while credit unions grew 12.6% year-over-year, according to Big Wheels Auto Finance Data 2023, released today.
The report is a service of Auto Finance News.
Toyota Financial Services retained its No. 1 spot as the largest lender by managed assets at $98.8 billion, down from $100.5 billion in 2021.
Ally Financial leap-frogged GM Financial for the No. 2 spot. Chase Auto and Capital One Auto Finance held onto the No. 4 and No. 5 spots, respectively.
The Big Wheels Auto Finance Data report has been published annually since 1999. It is the nation’s only ranking of the Top 100 auto financiers in the United States by outstandings and originations.