CINCINNATI—Auto lease payments punched the gas noticeably in the fourth quarter of 2021, according to a new report.
According to Swapalease.com’s latest national auto lease trends report, Americans are paying an average of $523.68 per month on their leases according to listings made during the fourth quarter, up from $513.28 in the third quarter. However, in a nationwide survey to approximately 2,500 drivers the majority of people now say they want their payments below $500 monthly.
The survey data also show drivers are strongly against longer lease terms, which could be a reflection of American’s exhaustion of extremely long loan terms of more than seven years now. Fifty-three percent of drivers surveyed said they want lease terms no longer than 36 months, the highest percentage recorded in Swapalease’s quarterly driver survey over the last five years.
New Inquiries
Swapalease.com reported that more drivers have been inquiring about taking over existing leases under contract to accomplish a handful of benefits: Incoming lessees are not required to pay traditional down payments since it was covered by the initial person under contract; and the incoming lessee also benefits by taking over the existing payment as opposed to signing a contract today at higher payment levels at retail.
For additional info: Q4 lease trends report.
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