The auto finance market grew 6.7% in 2021, in spite of challenges securing new-car inventory during the COVID-19 pandemic. This growth drove auto loans and leases remaining open to reach $1.3 trillion, an all-time high, according to the annual Big Wheels* Auto Finance ranking of car lenders and lessors released today.
“Auto finance growth in 2021 was largely driven by strong – and expensive – used cars, which bolstered originations,” said Marcie Belles, author of the report… “many financiers recorded lower ratios of new cars in their portfolios. Still, origination volume has been nearly restored to pre-COVID levels, and it continues to climb.”
In terms of lenders, total loan and lease volume grew 8.8%. The nation’s top 100 backers closed 2021 with nearly $690 billion of originations, up from $634 billion in the year prior.
Auto leasing lost popularity for the second straight year, dropping to 22.1% of total outstandings from 23.6% in 2020. With new-vehicle inventory limited, used-vehicle values continued climbing, which made leasing less attractive. In all, 25 financiers offered leasing products, combining to hold $293 billion of leases at year-end. Captives were the primary providers of leases, accounting for $235 billion of lease outstandings last year; their market share increased to 80.2% from 77.3%, according to Big Wheels Auto Finance.
The Nation’s Top 5 Financiers as Ranked in 2022
- Toyota Financial Services
- GM Financial
- Ally Financial
- Chase Auto
- Capital One Auto Finance
Toyota Financial Services retained its crown as the No. 1 financier by outstandings, ending the year with $100.5 billion of receivables, down from $101.4 billion in the prior year.
*About Big Wheels
The Big Wheels Auto Finance Data Report claims to be the nation’s only tabulation of auto lending and leasing. The report, published annually since 1999, uses a wide range of public, private and proprietary data to formulate its ranking of the Top 200 auto finance companies. It includes a directory of these companies, as well as an interactive online data tool of the rankings data. Big Wheels Auto Finance is published by Auto Finance News, a unit of Royal Media.
Since 1996, Auto Finance News has been the “newsletter of record” for the auto lending and leasing market. The 2022 Big Wheels report includes enhancements that provide a deeper understanding of the sector. Including estimates for the percent of financing volume made for new vehicles and rankings of the top 100 originators by total new- and used-vehicle volume.The 2022 Big Wheels Auto Finance Data Report is now available at http://www.BigWheelsData.com.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Auto Loan, Lease Total at Record $1.3 Trillion during 2021
The auto finance market grew 6.7% in 2021, in spite of challenges securing new-car inventory during the COVID-19 pandemic. This growth drove auto loans and leases remaining open to reach $1.3 trillion, an all-time high, according to the annual Big Wheels* Auto Finance ranking of car lenders and lessors released today.
“Auto finance growth in 2021 was largely driven by strong – and expensive – used cars, which bolstered originations,” said Marcie Belles, author of the report… “many financiers recorded lower ratios of new cars in their portfolios. Still, origination volume has been nearly restored to pre-COVID levels, and it continues to climb.”
In terms of lenders, total loan and lease volume grew 8.8%. The nation’s top 100 backers closed 2021 with nearly $690 billion of originations, up from $634 billion in the year prior.
Auto leasing lost popularity for the second straight year, dropping to 22.1% of total outstandings from 23.6% in 2020. With new-vehicle inventory limited, used-vehicle values continued climbing, which made leasing less attractive. In all, 25 financiers offered leasing products, combining to hold $293 billion of leases at year-end. Captives were the primary providers of leases, accounting for $235 billion of lease outstandings last year; their market share increased to 80.2% from 77.3%, according to Big Wheels Auto Finance.
The Nation’s Top 5 Financiers as Ranked in 2022
Toyota Financial Services retained its crown as the No. 1 financier by outstandings, ending the year with $100.5 billion of receivables, down from $101.4 billion in the prior year.
*About Big Wheels
The Big Wheels Auto Finance Data Report claims to be the nation’s only tabulation of auto lending and leasing. The report, published annually since 1999, uses a wide range of public, private and proprietary data to formulate its ranking of the Top 200 auto finance companies. It includes a directory of these companies, as well as an interactive online data tool of the rankings data. Big Wheels Auto Finance is published by Auto Finance News, a unit of Royal Media.
Since 1996, Auto Finance News has been the “newsletter of record” for the auto lending and leasing market. The 2022 Big Wheels report includes enhancements that provide a deeper understanding of the sector. Including estimates for the percent of financing volume made for new vehicles and rankings of the top 100 originators by total new- and used-vehicle volume.The 2022 Big Wheels Auto Finance Data Report is now available at http://www.BigWheelsData.com.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.