Swapalease.com Releases Fourth Quarter Auto Leasing Trends Report
CINCINNATI, Feb. 15 11, 2022 (GLOBE NEWSWIRE) — Swapalease.com, the nation’s largest car rental marketplace, today released its latest National Car Rental Trends Report featuring rental price information and data. and brand usage during the fourth quarter of 2021. Click here to see the full report.
According to data from the report, Americans are paying an average of $523.68 per month on their leases based on listings made during the fourth quarter, down from $513.28 in the third quarter. However, in a national survey of approximately 2,500 drivers, the majority of people now say they want their payments to be less than $500.00 per month.
The survey data also shows that drivers are strongly opposed to longer lease terms, which could be a reflection of the US exhausting extremely long loan terms of more than seven years now. Fifty-three percent of drivers surveyed said they did not want lease terms longer than 36 months, the highest percentage recorded in Swapalease’s quarterly driver survey in the past five years.
“As the Federal Reserve raises interest rates this year, the trend of longer terms for new and used auto loans will likely accelerate,” Satyan Merchant said in a recent article. He is senior vice president and automotive business leader at TransUnion.
Merchant continued, “Monthly payments would have been even higher, but borrowers took out a higher proportion of 72- and 84-month loans. In Q3 2021, loans of 84 months or longer accounted for 17% of vehicle loans. new, compared to 15% a year ago, or 13% in the third quarter of 2019 pre-pandemic.
Swapalease.com reports that more and more drivers have asked to take over existing leases under contract to get a handful of benefits: Incoming tenants are not required to pay traditional installments as they were covered by the original person under contract ; and the incoming tenant also benefits by taking over the existing payment instead of signing a contract today at higher retail payment levels.
For more information, please see the Swapalease.com Q4 Lease Trends Report.
Based in Cincinnati, Ohio, Swapalease.com is the world’s largest auto rental marketplace and the pioneer in facilitating online lease transfers. Specifically, Swapalease.com connects individuals looking to get out of their lease with people looking for short-term leases. Potential buyers can search listings for the exact vehicle they want and then register for a nominal fee, allowing them to use Swapalease.com’s secure online system to contact the potential seller and close the deal. case. For more information on Swapalease.com or how to end your lease early, call 866-SWAPNOW or visit www.swapalease.com.