American Auto Leasing Hits Fresh High

In the first quarter of this year, 27.5% of all auto buyers in the U.S. leased their new vehicles compared with 24.4% a year earlier and 24.8% in the fourth quarter of 2012, Experian Automotive reports.

The Schaumberg, Ill.-based auto marketing and data provider says the January-March leasing rate was the highest since the firm began tracking that data in 2006.

The average U.S. lease payment fell $20 year over year to $414 in the first quarter, according to Experian. Two factors have contributed to that decline: a 0.1-percentage-point drop in interest rates to 4.5% and a one-month increase in the average lease period to 65 months.

Toyota's captive finance arm was the country's biggest auto lessor in the January-March period, accounting for 13.3% of the market. The auto-lending units of Honda and Ford followed with shares of 13% and 11.8%, Experian says.