While loan and lease outstandings grew about 10% last year at banks and captives, volume shot up 21% at credit unions, according to the 2016 Big Wheels Auto Finance ranking of car lenders and lessors. The growth rate at independent finance companies was 17%.
The Big Wheels Auto Finance Data Report, released last month, is the nation’s only ranking of the Top 100 auto financiers in the United States by originations and outstandings.
Six credit unions joined the ranks of the nation’s top financiers in 2015: Alliant Credit Union (#78; $1 billion), Northwest Federal Credit Union (#86; $964.1 million), Coastal Federal Credit Union (#89; $942.1 million), Travis Credit Union (#91; $935.5 million), Teachers Federal Credit Union (#97; $899.1 million), and Langley Federal Credit Union (#99; $873.1 million). Navy Federal Credit Union was the highest ranking CU, at No. 23, with an $11 billion portfolio.
Overall, credit unions continued to build share, accounting for 7.5% of the market — a record for the segment. By institution type, the number of banks dropped to its lowest level — 35 — while the number of credit unions rose to its highest level — 45 — since 2011. Susquehanna Bank, for one, was acquired by BB&T Corp. last year, while some smaller bank players were knocked out of the top 100 by credit unions.
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. Click here to order.