Increase In Vehicle Leasing Shows Signs Of A Recovering Auto Finance Market
According to a recent report by Experian Automotive, a leading market intelligence and information service, an increase in vehicle leases in the third quarter of 2012 demonstrates a trend in a recovering auto finance market. “With leasing showing a continued upward trend, and lenders increasing their appetite for risk, consumers were in a good position to obtain a vehicle during Q3,” said Melinda Zabritski, director of automotive credit at Experian Automotive. “Expanding loans to lower-risk tiers opens the market for more car shoppers, while an increase in leasing means it is easier for consumers to get more vehicle for a lower monthly payment. Both of these trends are positive signs of a strong and recovering auto finance market, which ultimately benefits the consumer and the entire auto industry.”
According to the Experian report, Toyota claimed that 14.09 percent of all new vehicles were financed. Ford follows with 13.16 percent, and Chevrolet with 11.10 percent. Findings from its Q3 State of the Automotive Finance Market analysis showed market share for nonprime, subprime and deep-subprime automotive loans for new vehicles grew by 13.6 percent and new vehicle leasing grew by 7.53 percent year over year.