Honda, Chase, Wells Fargo, VW lost auto finance share in 2022

Looking at the pool of new- and used-vehicle loans and leases combined, American Honda Finance, Chase Auto and Wells Fargo suffered the industry’s largest share declines.

Honda held 2.35 percent of all 2022 loans and leases, down 1.52 points from a year earlier. It fell from the fifth-largest auto lender in the country to seventh place.

Chase Auto dropped 1.24 points to a 3.22 percent share but kept itself in the top 5, at No. 5. Wells Fargo held 2.69 percent of the auto finance market, down 0.85 points, to come in sixth.

Amy Brooks, Chase Auto national retail sales executive, said at the Auto Finance Summit East conference in Nashville in May that while Chase Auto took less of the market in 2022, rising interest rates have meant “it’s kind of turned for us a little bit,” and Chase has been gaining market share so far in 2023. Chase worked hard in 2022 “to set ourselves up for this year,” she said.

Chase spokesperson Elizabeth Childs wrote in an email last month that the lender had been losing market share faster than others “in reaction to increasing cost of funds.”

“We have seen competitors raising rates over the past several months, and in turn, we have gained share,” she wrote.

The top five lenders for all loans and leases in 2022 were the Toyota captives, Capital One, Ally, the GM captives and Chase.

Navy Federal Credit Union, No. 16, improved the most among the top 20 overall lenders, adding 0.32 points of share and writing 1.43 percent of all new- and used-vehicle loans and leases. No one else grew by even a quarter point.