Of all the cars financed in the US in the first quarter of 2015, 31.46% were acquired through leasing, according to Experian’s latest State of the Automotive Finance Market report.
This was a record high, and was also up on the 30.22% recorded in Q1 2014.
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The average amount financed and the average monthly payment for a new vehicle also increased to record levels. The average new vehicle loan was $28,711 (£18,761) in Q1 2015, compared to $27,612 in Q1 2014. The average monthly payment for new vehicles also rose, moving from $474 in Q1 2014 to $485 in Q1 2015.
Furthermore, leasing credit loosened; as the average new vehicle lessee had a credit score of 718 in Q1 2015, down from 721 recorded in the first quarter of the last year.
Melinda Zabritski, Experian’s senior director of automotive finance said: "Increases in vehicle financing are signs of a strong automotive market. By gaining a deeper understanding of current financing trends, lenders are able to stay competitive and better meet the needs of the marketplace, while consumers can use the data to become more educated on the different vehicle financing options and make a more informed purchasing decision."
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By GlobalData
