Experian’s top 5 used-vehicle lender rankings held relatively steady, with Capital One Auto Finance, Ally Financial, Wells Fargo Auto and Chase Auto continuing to hold the top four spots in that order, though Chase fell by more than half a point of share.
Chase said its auto loan and lease originations rose 14 percent to $43.6 billion in 2021. However, the company had seen its auto loan business fall in the fourth quarter.
“After several strong quarters, the lack of vehicle supply resulted in a decline in originations to $8.5 billion, down 23% year-on-year,” JPMorgan Chase & Co. CEO Jamie Dimon said, according to an earnings call transcript.
Santander Consumer USA rose from sixth to take the fifth-place used-vehicle slot with a 2.59 percent share. It displaced Toyota Financial Services, which fell from fifth to seventh place at 2.48 percent. Santander’s last earnings report stated it facilitated $6.1 billion in loans in the first nine months of 2021, up 56 percent.
Other notable changes among the Experian 2021 Top 20 used-vehicle rankings included TitleMax (which ranked No. 19 in 2020) dropping off the list and U.S. Bank joining the list in 18th place with a 0.93 percent share.