A report from Experian showed that captive lenders have not only taken a significant share of loans for new cars from both credit unions and banks, they have also cut into the used car market.
Experian's Finance Market Report for the third quarter showed captives' share of the number of new car loans and leases rose from 54.2% in 2019's third quarter to 59.1% in the three months ending Sept. 30.
Captives are a small player in used car lending, but their share of the number of loans rose 3.4 percentage points to 11.9% in the third quarter.
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