Q4 Leasing Hits 30 Percent
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SCHAUMBURG, Ill. –
The well of future certified pre-owned vehicle inventory is getting deeper because of how many new models are leaving showrooms as leased vehicles.
Experian Automotive reported that leasing continued to gain traction in the fourth quarter as volume jumped 3.6 percent from a year earlier to reach nearly 30 percent of all new vehicles financed in the quarter.
In addition to the number of leases increasing in the quarter, Experian mentioned in its latest State of the Automotive Finance Market report that it was slightly more affordable and easier to obtain one.
The average monthly lease payment decreased $12 from a year ago to reach $408 in Q4 2014.
What’s more, the average new-vehicle lessee had an average credit score of 717 in Q4 2014, down two points over the same time period.
Experian determined that two automakers took six of the 10 spots of models holding the most lease market share in Q4. The rundown went as follows:
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1. Honda Civic: 3.2 percent
2. Honda Accord: 3.1 percent
3. Honda CR-V: 3.0 percent
4. Toyota RAV4: 2.4 percent
5. Toyota Camry: 2.2 percent
6. Nissan Altima: 2.1 percent
7. Toyota Corolla: 2.1 percent
8. Ford Escape: 2.1 percent
9. Volkswagen Jetta: 1.9 percent
10. Ford Fusion: 1.7 percent
