Carvana and Wells Fargo among auto loan share winners

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Experian’s ranking of the top 5 used vehicle lenders remained relatively stable, with Capital One Auto Finance, Ally Financial, Wells Fargo Auto and Chase Auto continuing to hold the top four spots in that order, although Chase fell more than half a point apart.

Chase said its auto loans and leases grew 14% to $43.6 billion in 2021. However, the company saw its auto loan business fall in the fourth quarter.

“After several strong quarters, the lack of vehicle supply led to a decline in creations to $8.5 billion, down 23% year-over-year,” said the CEO of JPMorgan Chase & Co., Jamie Dimon, according to a transcript of the earnings call.

Santander Consumer USA moved from sixth place to fifth place for used vehicles with a share of 2.59%. It replaced Toyota Financial Services, which fell from fifth to seventh place at 2.48%. Santander’s latest earnings report said it facilitated $6.1 billion in loans in the first nine months of 2021, up 56%.

Other notable changes to Experian’s 2021 Top 20 Used Vehicles rankings include TitleMax (which ranked #19 in 2020) leaving the list and US Bank joining the list in 18th place with a share of 0. .93%.

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