Tuesday, June 18, 2013

Bank of America slips further behind Capital One for auto loans

One quarter after overtaking Bank of America, Capital One Financial Corp. extended its lead over the Charlotte-based bank in a first-quarter ranking of the U.S.'s largest depository auto lenders.

The ranking, released by SNL Financial, shows McLean, Va.-based Capital One, the parent company of Capital One Bank, grew its auto loans to $27.9 billion in the first quarter, up 3 percent from the fourth quarter.

That enabled Capital One to stay in fourth place and keep Charlotte-based Bank of America locked in fifth place.

Bank of America increased its loans by 0.72 percent over the same period, to $26.8 billion from $26.6 billion.

Capital One knocked Bank of America to fifth place in the fourth quarter, when Capital One's auto loans increased 2.6 percent from the third quarter.

San Francisco-based Wells Fargo retained its No. 2 spot in the first quarter, with $47.2 billion in loans, up 2.7 percent from the fourth quarter.

Wells Fargo needs at least $13 billion more in loans to catch up with first place Ally Financial.

Ally, based in New York, was No. 1 in the first quarter, unchanged from the fourth quarter. Ally had $60.4 billion in auto loans in the first quarter, down 6.7 percent from $64.7 billion in the fourth quarter.