The $44 billion Navy Federal Credit Union has been ranked by Experian as the20th largest used vehicle lender in the country by marketshare.
|Navy Federal had 0.67% of market share in the first quarter,according to Experian's “State of the Automotive FinanceMarket-First Quarter 2011.
|Banks and other lenders still command the space with Wells FargoBank earning the top spot with 7.18% of market share. Rounding outthe top five were Ally Bank, Chase Bank, Capital One andToyota.
|The average amount financed on used vehicle loans was $16,636compared to new at $25,404. In the first quarter, the average usedloan-to-value at credit unions was 129.69%. At banks, the averagewas 122.30%.
|Experian found that credit continues to loosen on originationswith subprime loans up 11% on new vehicles and 3.6% on used. Whilerates are decreasing for both new and used, there was a slightshift in used financing toward older model vehicles, according tothe report. The firm also reported improvements on both 30-day and60-day delinquent loans.
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