A full-on depression descended over the auto industry in late 2008, and it turned 2009 into one of the worst years for auto finance companies since the 1930s.
But now relief appears to be on the way.
According to the newly released 2010 Auto Finance Big Wheels report, auto finance should rebound this year, and that means consumers will likely see increased availability of auto loans.
“Though new-vehicle sales have gotten off to a slow start in 2010, higher anticipated volume should prop up loan and lease originations,” according to the report, which also includes a ranking of the top 100 auto finance companies in the nation.
“As the unemployment rate inches lower, delinquency rates will come down, further improving industry fundamentals in 2010.”
So which auto financing companies are leading the pack?
Ford Motor Credit grabbed the No. 1 spot, despite the fact that its portfolio shrank 18.3 percent, year after year, to $72.1 billion, according to Auto Finance Big Wheels. That just shows you how depression-like this downturn has been for the auto finance companies.
GMAC, Toyota Motor Credit, Chase Auto Finance and Bank of America Dealer Financial Services rounded out the top five.
The Big Wheels report, which is compiled by the senior editor and research analyst of Auto Finance News, Marcie Belles, features an exclusive listing of the top 100 auto lending and leasing companies ranked by originations and outstanding loans.
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