Automotive Finance Experian — Continued from page

1.9%, topping Q1 of 2022 and 2021, but just under the 2.04% of Q1 2020. Loans 60 days delinquent rose to 0.76% in Q1, the highest Q1 60-day delinquency rate in five years.

The 60-day delinquency rate was at 0.56 in Q1 of 2021.

The current 60-day used loan delinquency rate for independent dealers is 1.39%, nearly double the franchise rate of 0.79%.

On the new car side, the share of leasing fell to 18.23% in Q1, from 21.67% a year ago and nearly 28% in 2021.

On the used vehicle side, the lease market makes up 11.18%, up from 10% in 2022 and 9.67% in 2021.

Captives (26.59%) secured the largest share of total financing in Q1 2023, followed by banks (26.03%), credit unions (24.53%), finance companies (12.11%) and BHPH/others (10.74%).

Credit scores for new car loans

4

rose to 742 while used-car loan credit scores rose to 677.

SUVs and wagons kept the lion’s pickups dipped to 16.51% from 17.26%.

Prime+ and Prime on the new- of new vehicle leasing are Michigan at nearly 56% and New York at 55.5%. share of new-car financing at nearly 61% with sedans rising slightly to 17.77%.

The No.1 lease make is Honda at nearly 10.5% of the new lease market, followed by Chevrolet (8.7%). Nissan (8.02) and Toyota (7.53).

The top leased models are the F-150 (2.49%), Equinox (2.33%), Silverado 1500 (2.3%) and Rogue (2.2%).

Two sedans also made the list; the Civic and Accord, both at 1.79%.

The report showed leasing terms have risen to $612 at the Subprime level to $571 for Super Prime customers.

Lease terms, meanwhile, have dipped a little.

The share of new financing for vehicle side snatched 82% of the financing share, with Super Prime rising more than 3%.

The states with the greatest share

Average subprime lease terms were at less than 36 months while the Super Prime lease customers saw lease terms fall below 35 months.