ATLANTA—A new report reveals leasing levels continue to slide in 2019.
Equifax is reporting 1.89 million auto leases totaling $31.7 billion were originated through June, a 3.9% decrease in accounts and a 1.3% decrease in balances from the same time last year.
Auto leases accounted for 13.4% of all auto accounts originated through June and 10% of balances.
The report shows 166,137 auto leases have been originated through June to consumers with a VantageScore 3.0 credit score below 620, generally considered subprime accounts. That is a 7.2% decrease from June 2018. These newly-issued leases have a corresponding total balance of $2.96 billion, a 4.1% decrease year-over-year.
Through June, 8.8% of auto lease accounts and 9.3% of total balances were issued to consumers with a subprime credit score.
The average origination balance for all auto leases issued in June 2019 was $16,779, a 1.9% increase from June 2018. The average subprime lease amount was $18,192, a 4.5% increase over a year ago, Equifax said.