0 
0 
Vehicle Sales in the United States increased to 16.30 Million in December from 15.55 Million in November of 2020
Despite U.S. light-vehicle sales declining an estimated 15% to 14.4 million in 2020, auto loan ABS volume declined only 9% to $75.3 billion. In fact, GM Financial and Ford Credit issuances increased year over year due to growth in their origination volumes through the first nine months of 2020, compared with the same period in 2019. Their higher origination volumes were partly due to attractive loan programs, such as 0% financing on 84-month loans, which were introduced to spur sales. However, the bank sector and subprime
issuances declined. The top six 2020 auto loan issuers were: GM Financial/AmeriCredit ($8.3 billion), Toyota Motor Credit ($7.9 billion), Ford Credit ($7.4 billion), Santander Consumer USA ($7.0 billion), American Honda Finance Co. ($5.0 billion), and CarMax Business Services ($5.6 billion). Given our current forecast for auto sales to increase 14% to 16.4 million units in 2021, we believe auto loan ABS could reach 2019’s level of approximately $83 billion.
