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CUs banks overtake captives in auto financing
MADISON, Wis. (3/15/10)--Credit unions and banks have emerged as some of the winners in auto financing, according to Experian Automotive’s AutoCount ranking. Lenders in credit union categories increased their share of outstanding auto loans. Credit unions’ portfolios jumped 1.2% to $149 billion in 2009 (Automotive News March 11). Credit unions and banks received the “upper hand” because of frozen credit markets, and they had better liquidity than some captives and independent finance companies, the newspaper said. The top auto lenders in the U.S. and their market share in 2009 were:
* Chase Auto Finance, 6.75% market share; * Toyota Financial Services, 6.14%; * Wachovia Dealer Services, 4.3%; * American Honda Financial Services, 4.26%; * GMAC Financial Services, 3.7%; * Ford Motor Credit Co., 3.46%; * Nissan Infiniti Financial Services, 2.29%; * Bank of America, 1.99%; * BMW Financial Services, 1.84%; and * Capital One Auto Finance, 1.76%.
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