Equipment Finance · Issue 01 · September 2026
The Captive Finance Scoreboard
Kubota, Deere, Caterpillar and CNH file the same kind of lien. Their portfolios look nothing alike.
September 26, 2026 · 5 min read · View as flipbook
Every equipment loan or lease a lender wants to protect ends up as a UCC-1 financing statement on public record. Read in bulk, those filings show more than who lends: they show what kind of borrower each lender serves. We compared six equipment lenders across 628,497 filings in the UCCContacts network.
Volume: Deere and Kubota are neck and neck
John Deere Financial leads the group with 21,045 filings, just ahead of Kubota Credit at 20,646 and Snap-on Credit at 20,050. Cat Financial follows with 10,465, then CNH Industrial Capital and DLL Finance at roughly 4,623 each.
- John Deere Financial21,045
- Kubota Credit20,646
- Snap-on Credit20,050
- Cat Financial10,465
- CNH Industrial Capital4,623
- DLL Finance4,368
Fleet lenders and single-machine lenders
The more interesting split is in who files repeatedly on the same borrower. Cat Financial has flagged 41% of its filings as repeat debtors, the highest in the group and more than four times Kubota Credit. A contractor financing a second, third, or tenth excavator generates exactly this pattern. Kubota's low share fits its core customer: a landowner or small operator buying one tractor. John Deere Financial sits in the middle at 24%, reflecting a mix of both.
- Cat Financial41%
- John Deere Financial24%
- CNH Industrial Capital16%
- Snap-on Credit15%
- Kubota Credit10%
- DLL Finance6%
National reach versus regional focus
Footprint separates the manufacturers from the vendor lenders. Kubota Credit has filings in 49 states, Cat Financial in 47, and John Deere Financial in 47: national programs that follow their dealer networks. Snap-on Credit covers 34 states and DLL Finance 31, closer to regional and channel-driven lending.
- Kubota Credit49
- John Deere Financial47
- Cat Financial47
- CNH Industrial Capital41
- Snap-on Credit34
- DLL Finance31
Where they file
The Southeast and Mid-Atlantic dominate the top-state lists. Florida, Virginia, North Carolina, and Ohio recur across most lenders. Cat Financial is the outlier: Virginia and North Carolina lead, and California breaks into its top three.
| Lender | States | Top five states |
|---|---|---|
| Kubota Credit | 49 | FL 2,874 · VA 2,314 · AL 2,062 · NC 2,015 · OH 1,607 |
| John Deere Financial | 47 | FL 2,242 · VA 2,198 · NC 1,718 · OH 1,342 · AL 1,302 |
| Cat Financial | 47 | VA 1,243 · NC 1,040 · CA 940 · FL 787 · OH 675 |
| CNH Industrial Capital | 41 | VA 579 · OH 432 · AR 412 · PA 338 · NY 287 |
| Snap-on Credit | 34 | FL 3,403 · PA 2,304 · VA 2,202 · NC 1,879 · OH 1,737 |
| DLL Finance | 31 | FL 566 · VA 561 · PA 417 · OH 381 · AR 380 |
What it means
- Lenders and brokers: a high repeat-debtor share marks a portfolio of fleet borrowers with recurring financing needs. That is where add-on and refinance conversations start.
- Dealers and vendors: filings clustered in a state show where a brand's financed installed base sits, a natural list for service, parts, and upgrade offers.
- Competing lenders: a filing shows a borrower already has a secured lender on specific collateral, which points to other assets, a refinance, or a working-capital offer.
- Risk teams: several filings against one debtor by different lenders indicate stacked obligations worth a second look.
See the filings behind the story
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