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Powersports Business • November 2026 • 15

Figure 4. Share moved to the cheapest and the most expensive lenders. Change from the first year of the window to the second. Credit union share is likely understated, because members who borrow at their branch and pay the dealer in full do not show up as financed.

went to both ends of the price range. Credit unions at the cheap end and independents at the expensive end both picked up share, while the captives and banks priced in between lost it. The two ends also moved further apart on price, with credit union rates falling on average and independent rates rising.

WHAT DEALERS CAN TAKE FROM THIS A dealership that sends most of its deals to one captive has, in effect, tied its approvals to that manufacturer’ s programs. A store that leans on the independents is already financing the next generation of buyers, at that generation’ s prices. This data can’ t tell any one store which approach works better, but it does show that lenders differ in far more than the rate on the contract.