Toyota tops GMAC as the biggest U.S. auto lender
Toyota Financial Services recently leaped over GMAC Financial services to take the lead as the biggest U.S. auto lender in terms of loan and lease contract volume. The study by AutoCount (a unit of the Experian Automotive company) estimates that Toyota captured 6.35% of the market from January through June, while GMAC had 6.2% for a close second place. Rounding out the top five were Chase Auto Finance, American Honda Finance, and Ford Credit (in that order). As GMAC has made major cutbacks in leasing over the summer, many industry experts expect Toyota to hold its lead through the end of the year. A spokesperson from GMAC was quick to point out that the study did not include two wholly owned subsidiaries: Nuvel Credit and National Auto Finance. When those two companies are included, GMAC's share increases to 6.72 percent -- effectively placing them at the top again. While the automakers battle for the title position, the independent banks are the ones to watch. They've been steadily increasing their lending share as the Detroit 3 struggle with the rising costs of funds and declining credit ratings.
[Source: Automotive News, subs. req'd]
Reader Comments (Page 1 of 1)
MM 7:45PM (8/25/2008)
Given the current economic climate, I wouldn't be too excited about being top dog on this list.
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mike 9:18PM (8/25/2008)
So who cares, i do not get it why GM tries to sell as many cars as possible to maintain that #1 spot. Tell me was it worth it, was #1 spot worth having Pontiac sell a minivan? Or Aveo turning into Pontiac.
Just make good cars, look at Honda, they are not #1, or #2 or #3, they are just making good cars. I would be much happier if GM made good cars, cars that average American can actually consider when they are looking for a new vehicle. Make Cruze better than Civic and everyone will love you, make a new Solstice that is 4 G’s cheaper and has a few more options. Give Malibu 4 more MPGs and keep the price the same. That’s what we want.
But the first step is fire Wagoner.
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dak 12:05AM (8/26/2008)
im not surprised...GMAC wouldnt finance a malibu for me. maybe im part of the 3% loss...i dont know but man do i want one, maybe in late 09 or 2010
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Thanh T. 6:03AM (8/26/2008)
“Toyota Financial Services recently leaped over GMAC Financial services to take the lead as the biggest U.S. auto lender in terms of loan and lease contract volume.”
Interesting article…
Good financing rates, excellent marketing, and customer services may encourage consumers to visit a dealership.
I think a lot of car buyers today are looking for great deals and well engineered vehicles with good fuel economy.
Many automotive manufactures now offer hybrid version of their most popular vehicles. However, the cost to produce hybrids is much higher. Perhaps, in a few years the cost will go down and vehicles with hybrid technology or electric will dominate future markets.
Honda is doing well with their vehicles. And GM’s new employee pricing campaign is a good marketing tool for their organization.
Toyota has an interesting vehicle product mix (cars, trucks, and suv)…Hmmm, the 2009 Venza looks very interesting.
I believe some Toyota dealerships are now offering new vehicle rentals or an extended test drive leasing option for qualified buyers.
Toyota has to be careful not to follow the same pattern which got automotive manufactures like GM and Ford in trouble. (Offering too many models and trim levels...) Overstock inventory.
Hmmm, interesting article.
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Gary 11:05AM (8/26/2008)
Whoop-tee-doo. Who cares who number one is! If everybody wanted the "best" of everything, we'd all be driving the same cars, wearing the same clothes, drinking the same cola, etc.
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