Experian’s top five used-vehicle lender rankings remained largely stable, with Capital One Auto Finance, Ally Financial, Wells Fargo Auto, and Chase Auto maintaining their respective top four positions, but Chase declined by more than a half a point of share.
Chase forecasted a 14% increase in vehicle loan and lease originations to $43.6 billion in 2021. However, the company’s auto lending business experienced a decline in the fourth quarter.
“After three solid quarters, a lack of vehicle supply resulted in a fall in originations to $8.5 billion, a 23% year-over-year decline,” JPMorgan Chase & Co. CEO Jamie Dimon stated in an earnings call transcript.
Santander Consumer USA climbed from sixth to fifth place in the used-vehicle market, capturing a 2.59 percent share. It ousted Toyota Financial Services, which dropped to seventh place with a 2.48 percent market share. According to Santander’s most recent financial report, the bank handled $6.1 billion in loans in the first nine months of 2021, an increase of 56%.
Other major changes to the Experian 2021 Top 20 used-vehicle rankings include the elimination of TitleMax (which was placed No. 19 in 2020) and the addition of US Bank in 18th place with a 0.93 percent share.