Wells Fargo Cedes U.S. Auto-Lending Crown to Ally Amid Car Glut
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Wells Fargo & Co. just ended its 3 1/2 year reign as the king of U.S. auto lending.
The bank’s decision months ago to pull back from making new loans cleared the way for Ally Financial Inc. to become the industry’s biggest source of funding, according to filings the firms submitted this month to the Federal Reserve. The documents show that by the end of June, Wells Fargo held about $58 billion of outstanding auto loans, compared with $59.8 billion at Ally.