Bank of America slips further behind Capital One for auto loans

Posted on November 21, 2013 – 05:09 am
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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.


Bank Watch

Tags: America Auto bank Behind Capital Further Loans Slips

Source: www.cika.co

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