Toyota Financial has overtaken GMAC Financial Services as the largest auto lender in the U.S., a new report finds. According to AutoCount – the research division of Experian Automotive – Toyota Financial captured 6.35 percent of the U.S.’ vehicle finance and lease contracts through June, while GMAC had a 6.2 percent share of the market during the same period.
Moreover, because of GMAC’s recent cutbacks, Toyota Financial is expected to hold onto its lead for the remainder of the year.
However, contrary to the study’s findings, GMAC spokeswoman Sue Mallino says that GMAC is still holds the number one spot. Mallino claims that AutCount failed to include two wholly owned GMAC subsidiaries, which would have pushed GMAC’s market share to 6.72 percent.
Chase Auto Finance, American Honda Finance and Ford Credit rounded out the top five, respectively.
