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Closing in; Big banks are gaining in their pursuit of the captives' auto loan business.
Publication:
Automotive News
Publication Date: 13-NOV-06 |
Format: Online
Delivery: Immediate Online Access |
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Full Article Title: Closing in; Big banks are gaining in their pursuit of the captives' auto loan business.(American Honda Finance Corp.)(Chase Auto Finance) |
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Article Excerpt
Byline: Donna Harris
Big banks are turning up the heat on automakers' captive finance companies in their competition for retail vehicle-financing business.
The banks see the financial weakness of the Detroit 3 as an opportunity to boost their own portfolios. They also are offering attractive loan rates and terms to buyers of import cars and trucks to improve their positions in that high-growth market.
Captives remain the five biggest U.S. retail auto lenders, but several large banks are closing in.
The captives "are still vital entities,'' says Tom Wirth, president of indirect lending at U.S. Bank. "But GM's and Ford's financial woes have created opportunities for all banks to take a bigger share than they have had in the past.''
American Honda Finance Corp. is the fifth-largest vehicle lender based on percentage of reported new- and used-vehicle finance transactions for the first nine months of this year, according to AutoCount, a business unit of research firm Experian Automotive in Orlando, Fla. But the...
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