Navy Federal Among Top 20 Used Car Lenders
Experian’s just-released first quarter report ranked Navy Federal Credit Union the 20th largest used vehicle lender in the country by market share.
The $44 billion credit union had 0.67% of market share in the first quarter, according to Experian’s State of the Automotive Finance Market-First Quarter 2011.
Banks and other lenders still command the space with Wells Fargo Bank earning the top spot with 7.18% of market share. Rounding out the top five were Ally Bank, Chase Bank, Capital One and Toyota.
The average amount financed on used vehicle loans was $16,636 compared to new at $25,404. In the first quarter, the average used loan-to-value at credit unions was 129.69%. At banks, the average was 122.30%.
Experian found that credit continues to loosen on originations with subprime loans up 11% on new vehicles and 3.6% on used. While rates are decreasing for both new and used, there was a slight shift in used financing towards older model vehicles, according to the report. The firm also reported improvements on both 30-day and 60-day delinquent loans.