Subprime Consumers Lease Fewer Vehicles

By Staff Writer May 23, 2018

There were 256,510 auto leases, totaling $4.2 billion, originated in January, according to a recent report from Equifax.

This is a 17.1 percent decrease in accounts and a 17.4 percent decrease in balances, from January 2017. Auto leases accounted for 12.7 percent of all auto accounts originated in January, and 9.5 percent of balances.

Equifax reports that 24,920 auto leases have been originated in January to consumers with a VantageScore 3.0 credit score below 620. These are generally considered subprime accounts.

This is a 13.5 percent decrease from January 2017. These newly issued leases have a corresponding total balance of $429 million, a 13.2 percent decrease year-over-year.

Last modified on Wednesday, 23 May 2018 20:55

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