Americans owe a record $1.655 trillion in auto-loan debt, up 73 % since 2014, and they borrowed another $175 billion in Q4 2024 alone.LendingTree When that much money is in play, even a one-point swing in market share can move billions of dollars of originations.
Captive finance arms (Toyota Financial, GM Financial, etc.) now write 31.4 % of all vehicle loans, eclipsing banks (25 %) and credit unions (20.1 %).Mercer CapitalEquifax Assets But the picture changes when you separate new- and used-vehicle financing, as the rankings below show.
| Rank | Lender | Lender type | Share of new-car loans* |
|---|---|---|---|
| 1 | Toyota Financial Services | Captive | 11.92 % |
| 2 | GM Financial | Captive | 7.00 % |
| 3 | American Honda Finance | Captive | 5.13 % |
| 3 (tie) | Ford Motor Credit | Captive | 5.13 % |
| 5 | Chase Auto | Bank | 4.77 % |
*Latest share reported by Experian, as quoted via NetCredit’s 2024 lender roundup.NetCredit
Key takeaway: Four of the top five are manufacturer-owned captives. Their cheap funding and factory incentives helped them gain ground as new-car inventories recovered in 2024.
| Rank | Lender | Lender type | Share of used-car loans* |
|---|---|---|---|
| 1 | Capital One Auto Finance | Bank | ≈ 5.8 % |
| 2 | Ally Financial | Bank | ≈ 4.9 % |
| 3 | Wells Fargo Auto | Bank | ≈ 3.8 % |
| 4 | Chase Auto | Bank | ≈ 3.0 % |
| 5 | Westlake Financial Services | Specialty sub-prime | ≈ 2.8 % |
*Shares come from Experian’s “Top 20 used-vehicle lenders” list (data via Automotive News, April 2022) and corroborating NetCredit figures.Automotive NewsAutomotive News
Why banks dominate the used lot: Captives focus on driving new-car sales; banks and non-prime specialists step in for older inventory where manufacturer rate-subsidy programs don’t apply.
Captive comeback. Incentive spending and pent-up demand pushed captive market share to a 14-year high in Q1 2024. Expect aggressive 0 % APR offers if the Fed starts trimming rates.Experian
Credit-union retreat. After seizing the #1 spot in 2022, credit-union originations have fallen 22 % YoY as deposit costs rise.Equifax Assets
Subprime squeeze. Specialty finance (Westlake, Credit Acceptance) still claims the riskiest slice, but deep-subprime originations remain below pre-COVID levels.Equifax Assets
Shop more than one tier. Even if you qualify for captive 0 % financing on a new car, compare it with bank or credit-union pre-approvals—sometimes a small rebate plus a slightly higher rate wins.
Used-car buyers: Banks like Capital One and Ally set the benchmark for rates. Use their pre-qual tools before heading to the dealer to keep F&I mark-ups in check.
Run the numbers. Try different loan lengths on our auto-loan calculator to see how a 48- vs 72-month term affects total interest.
Experian State of the Automotive Finance Market, Q1 2024 and Q4 2024
New York Fed Consumer Credit Panel / Equifax
NetCredit Blog “Top Auto Loan Companies in the U.S.”
Automotive News and Auto Dealer Today coverage of Experian lender-share tables
(Percentages rounded to two decimals; latest full-year or Q4 figures used where Q1 2025 data are not yet published.)