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During the recession, car leasing took a hard hit as many families started downsizing. Also, if consumers were making a new car purchase, they were taking advantage of the low interest rates. In the first quarter of this year though, car leasing was higher than it has been since the recession. Car leasing made up for 28 percent of car financing in the first quarter 2013. This shows that consumer confidence is also on the rise.
Car leasing had a hard time bouncing back from the recession for many reasons, one being that consumers simply could not afford it. Besides that, many of the financers for the dealerships cut back on lease financing. A lot of the dealerships also were not offering enticing leasing incentives during the recession either. Also, the dealerships, like the customers, found that the low interest rates made more of a profit than leasing at the time.
With the recovering economy and consumer confidence increasing, leasing has been making a comeback. It has been on the rise since 2010, but posted the highest percentage of new financing in the first quarter of this year. This is a good sign for the economy and the auto industry.
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