When it comes to the amount of auto loans they've recently originated, some banks have apparently stalled out.
According to data from tracking firm SNL Financial, the top 100 lenders increased their total auto loans by just 0.64% over the fourth quarter of 2012. Among these, the top 16 lenders didn't budge from their spots compared to a quarter earlier.
Ally Financial Inc., the nation's top auto lending leader, witnessed a 6.73% drop in its auto loan portfolio in the first quarter with loans decreasing to $60.41 billion from $64.77 billion at year-end 2012, SNL Financial said this week.
General Electric Capital Corp. came in second place with negative growth at 6.12%. Other banks such as U.S Bancorp., Fifth Third Bancorp., SunTrust Banks, BMW Bank of North America and State Farm Bank BSB also experienced negative growth from the fourth quarter of 2012 to March 31, according to SNL Financial.
Meanwhile, credit unions are still in the midst of record auto loan growth. The latest data from CUNA Mutual Group's Credit Union Trends Report showed a 7.5% annual gain stemming from positive contributions from both new and used vehicle portfolios.
At $183.5 billion vehicle loans represented 29.5% of all loans in April and accounted for almost 42% of all credit union loan growth since April 2012, CUNA Mutual said.
SNL Financial ranked the $50 billion Navy Federal Credit Union 14th on its top 25 list of auto lenders. The Vienna, Va.-based credit union posted $7.27 billion in auto loans at the end of the first quarter, up 5.15% from the end of 2012.
Higher member optimism about their personal finances and the economy helped Navy Federal book $753 million in consumer loan originations in May alone – the best month in the cooperative's 80-year history, according to the credit union.
Other credit unions that made SNL Financial's top 25 auto lenders list were the $7.2 billion Security Service FCU in San Antonio (ranked 18th) $16 billion Pentagon FCU in Alexandria, Va.,(ranked 21st) and the $5.3 billion Alaska USA FCU in Anchorage (ranked 25th).
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