Auto Loan Originations Observations through April 2018 reported as of June 2018:

• 7.96 million auto loans, totaling $179.7 billion, have been originated year-to-date. This is a 0.3% increase in accounts and a 2.7% increase in balances over this time last year. Auto loans represent 85.8% of all auto account originations and 89.4% of auto origination balances YTD.
• 1.841 million auto loans have been originated YTD to consumers with a VantageScore® 3.0 credit score below 620. These are generally considered subprime accounts. This is a 4.5% decrease from April 2017. These newly-issued loans have a corresponding total balance of $32.9 billion, a 3.5% decrease year-over-year.
• Through April, 23.1% of auto loans were issued to consumers with a subprime credit score, and they accounted for 18.3% of origination balances. In 2017 YTD the account share was 24.3% and balance share was 19.5%.
• The average origination loan amount for all auto loans issued in April 2018 was $22,917. This is a 3.6% increase over April 2017. The average subprime loan amount was $18,411. This a 2.3% increase compared to April 2017.

Auto Lease Originations Observations through April 2018 reported as of June 2018:

• Over 1.31 million auto leases, totaling $21.34 billion, have been originated year-to-date. This is a 1.3% increase in accounts, but a 1.0% decrease in balances, from this time last year. Auto leases accounted for 14.2% of all auto accounts originated through April, and 10.6% of balances.
• 124,300 auto leases have been originated YTD to consumers with a VantageScore® 3.0 credit score below 620. These are generally considered subprime accounts. This is a 2.1% decrease from April 2017. These newly-issued leases have a corresponding total balance of $2.14 billion, a 2.3% decrease year-over-year.
• Through April, 9.5% of auto leases were issued to consumers with a subprime credit score. In 2017 through April the share was 9.8%.
• The average origination balance for all auto leases issued in April 2018 was $16,329. This is a 3.04% decrease from April 2017. The average subprime lease amount was $17,333, a 1.19% decrease from a year ago. Note that lease origination values reflect the contract amounts only and exclude expected vehicle residual values.

"Consumer Credit Trends show that originations through April of this year, as reported through June, both in terms of accounts (+0.5%) and balances (+2.3%) are up over the same time last year," said Gunnar Blix, Deputy Chief Economist for Equifax. "Our data indicate that a bump in lease activity as well as a continued shift toward affordable used cars may be driving the trend, and these increases are primarily being driven by customers with prime credit.  Auto outstanding balances in June, up 3.6% from the previous year, topped one and a quarter trillion."