Mexico Auto Financing Hits Nine-Year High Through July 2026

Vehicle financing in Mexico reached a nine-year high during the first seven months of 2026, driven by robust demand for new automobiles, long-term loan structures, and dominant market participation by captive finance companies.

According to data from the Mexican Association of Automotive Distributors (AMDA), compiled alongside JATO Dynamics and the INEGI, total auto financing for new and used vehicles increased 6.3% year-over-year from January to July 2026. Financial institutions issued 637,938 total auto loans during the seven-month period, representing an additional 37,682 financed vehicles compared to the same period in 2025. AMDA highlighted that this total marks the highest volume of financed vehicles in Mexico since records began in 2017.

Credit availability remains the primary engine driving new vehicle transactions across the country.

“Financing continues to be the key lever for vehicle acquisition in the country: 62.2% of total new car sales in Mexico during this period were completed through a credit scheme,” stated AMDA, led by Executive Director Guillermo Rosales.

New Vehicles Drive Growth as Used Market Contracts

The growth in total credit was driven entirely by the new vehicle sector, which offset a downturn in used car loans.

Financing for new vehicles grew 7.9% year-over-year, rising to 550,974 units between January and July 2026, up from 510,786 units recorded during the corresponding period in 2025. Accounting for vehicle brands that do not report sales figures directly to INEGI, AMDA adjusted total financed new units upward to 593,278, within an overall market context of 945,270 total units sold (adjusted from an unadjusted baseline of 885,353 units).

Under the unadjusted baseline, new vehicles accounted for 86.4% of the total financed vehicle market.

In contrast, financing for used vehicles dropped 2.8% to 2.9% year-over-year, contracting to 86,964 units. Used car financing saw its overall market share decline to 13.6% (or 9% of total institutional lending profiles). Industry reporting attributes the decline in used vehicle credit to attractive promotional discounts and aggressive marketing offers fielded by automakers on brand-new inventory.

Mexican consumers increasingly turned to long-term loan terms to lower monthly payment amounts on new vehicle purchases. The primary loan terms selected for new light vehicles were 36, 48, 60, and 72 months. Combined, these four financing terms accounted for 80.7% of all new vehicle credit placements during the seven-month span.

Captive Lenders Maintain Market Dominance

Brand-affiliated captive finance companies maintained a firm lead over commercial banks and self-financing entities in the new vehicle segment.

Captive brand lenders captured 79.58% of the new car credit market, delivering 438,492 financed units—an 8.2% increase compared to 2025. Commercial banks held a 19.44% market share with 107,087 units, growing 6.5% year-over-year. Self-financing options retained a marginal market presence, capturing 0.98% of the market with 5,395 units delivered.

When examining loan portfolios across institutional types:

• Captive Brand Lenders: Allocated 91% of their total credit volume toward new vehicles and 9% toward used vehicles.
• Commercial Banks: Allocated 70% of their loans toward new vehicles and 30% toward used vehicles.
• Self-Financing Entities: Allocated 100% of their operations exclusively toward new vehicles.

NR Finance Mexico (Nissan) led all individual captive lenders by volume, delivering 120,136 new vehicle units for a 15.4% to 15.6% year-over-year gain. GM Financial de México followed, logging 78,735 units on strong growth of 27% to 29%. Volkswagen Financial Services placed third in total volume with 44,724 units, reflecting a 3.8% uptick.

Other captive lenders recorded sharp shifts in year-over-year performance:

• Stellantis Financial Services: Grew 30.3%.
• JAC: Increased 10%.
• KIA Finance: Declined 9.5%.
• MG Financial Services: Dropped 29%.
• Mercedes-Benz: Contracted 59.5%.

Commercial Banking Sector Shifts

In the commercial banking sector, BBVA maintained a commanding lead, issuing 48,851 new vehicle loans to capture 26.8% of bank-issued auto financing—achieving overall segment growth between 18% and 22.8%. Banorte ranked second among banks with 27,760 units placed. Commercial banks continue to serve as a primary financing pipeline for Chinese automotive brands expanding in the Mexican market.

Commercial bank performance varied widely by provider through July 2026:

• Cetelem: Achieved the highest growth rate among banks, surging 87%.
• Scotiabank: Declined 14.4%.
• Banregio: Decreased 15%.
• Santander: Contracted 33.6%.
• Banorte: Decreased 7.5% overall in automotive lending despite its secondary position in new unit volume.

Geographically, annual financing placements for new light vehicles (excluding self-financing) expanded across a majority of Mexican states. Contractions were isolated to four entities: Baja California Sur, Sonora, Quintana Roo, and Baja California Norte.