U.S. car financing and leasing - Statistics & Facts

In the United States, there are millions of car sales each year. While many consumers are able to purchase them outright, a majority of new and used transactions are financed. For consumers, this enables them to smooth the cost of the purchase over several years. For the various auto loan sources, these loans provide interest revenue, with the car as collateral. For many in the United States, public transportation does not service the areas in which they live and work. As such, having a car gives more options and mobility they would otherwise not have.

For some drivers, owning a car presents a host of maintenance problems and costs of depreciation. This has led to a passenger car leasing industry. The consumer can rely on the dealer to perform routine upkeep such as oil changes, and after the term of the lease ownership reverts to the dealer. Such arrangements account for a sizable share of new vehicles that enter the market in the United States.

Both financing and leasing are multi-year investments for the banks, credit unions, and dealerships that pay the up-front costs of the vehicle. As such, the borrower’s credit score influences the value of the loan, as well as the interest rate paid. Even for a used car, the average credit score needed matters and increases with a better economy. The loan market is changing with technology, as a growing minority of consumers are applying for automotive loans online. This disruption is one of many ways that financial technology, or fintech, is changing traditional banking relationships.

Interesting statistics

In the following 4 chapters, you will quickly find the 27 most important statistics relating to "Car financing and leasing in the U.S.".

Car financing and leasing in the United States

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Important key figures

The most important key figures provide you with a compact summary of the topic of "Car financing and leasing in the U.S." and take you straight to the corresponding statistics.

Financing of U.S. vehicles

Leasing vehicles in the U.S.

Credit conditions for consumers

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