Car Leasing at All-Time High in U.S.

Leasing accounted for a record 31% of all new-vehicle deliveries in the U.S. during the first quarter of 2016, says credit data provider Experian Automotive.

The company notes that 54% of prime borrowers, up from 49% a year earlier, opted in January-March to lease a used vehicle rather than a new one. At the same time, the proportion of subprime buyers who leased new vehicles grew 6%.

Experian says the shifts show that U.S. consumers are turning to used cars, longer-term loans and leasing to help lower monthly payments.

Average credit scores for new-car buyers dropped 3 points to 710 in the first quarter. The average score for used-car buyers rose 3 points to 645. Experian says the average new-car loan climbed to $30,000, and average monthly payments reached $503 for the period. Both were any-quarter records.