Loading...

SUVs Continue to Dominate the Automotive Finance Market in Q1 2022

Published: June 29, 2022 by Melinda Zabritski

business woman in auto salon. concept of female driver

We witnessed many changes in the automotive industry since the beginning of the pandemic, but one thing that has stayed consistent is consumers’ desire for larger vehicles, such as SUVs and crossover utility vehicles (CUVs). In fact, they have sustained dominance in the automotive finance market for some time now—partly due to the advancements among newer models, such as increased fuel efficiency and additional cargo space.

According to Experian’s State of the Automotive Finance Market Report: Q1 2022, SUVs and CUVs made up 60.38% of total vehicle financing, an increase from 58.95% in Q1 2021.

Since consumer preferences for larger vehicles have become more prominent, we’ve seen the average loan amounts rising for a while—but this has been exacerbated by the pandemic, with inventory shortages and high consumer demand becoming a core challenge in the automotive industry.

In Q1 2022, the average monthly loan payment for a new vehicle was $648, compared to the average monthly lease, which increased to $522. And the average monthly payment for a used vehicle surpassed $500 this quarter, coming in at $503.

Larger vehicles dominate top leased models

While consumers often lean towards used vehicles as they search for the most budget-friendly option, another option to consider is leasing, as they tend to have a lower monthly payment than a loan. In Q1 2022, there was a $126 difference between average monthly payments of a lease and a new loan.

This is why it’s important for professionals to understand the most prevalent leased vehicles on the market and their price points. This enables them to assist consumers when searching for a vehicle that fits their needs and budget.

With consumers opting for larger, more expensive vehicles such as SUVs, CUVs and full-size pickup trucks, it’s no surprise they made up majority of the top 10 leased models in Q1 2022.

Top 10 leased models Q1 2022

While the Honda Civic made up the highest percentage, it is important to note that it was the only sedan among the top leased vehicles in Q1 2022, accounting for 2.25% of leasing.

It’s really in the new CUVs and SUVs where you can see the difference in monthly payments between a loan and a lease. For instance, the Mazda CX-5 had an average monthly loan payment of $460 this quarter and the average monthly lease payment was $365. While the Chevrolet Equinox was not too far behind, with an average monthly loan payment of $444 and an average monthly lease payment of $319 in Q1 2022.

Consumers have also opted for new CUVs, such as the Honda CR-V, which had an average monthly loan payment of $474 and an average monthly lease payment of $371. Similarly, the Ford Escape had an average monthly loan payment of $436 and the average monthly lease payment was $349.

As we continue to witness automotive financing trends evolve, analyzing the ongoing insights will enable dealers and lenders to help consumers find the most budget-appropriate options in their search for a vehicle that best fits their needs.

To learn more about leasing and other automotive finance trends, watch the entire State of the Automotive Finance Market: Q1 2022 presentation on demand.

Related Posts

In an ever-evolving automotive landscape, where shifting consumer behavior meets fluctuating market dynamics, Experian’s State of the Automotive Finance Market Report: Q2 2025 delivers key insights into how both consumers and professionals are adapting to the changes. This quarter’s report revealed a sharp increase in vehicle refinancing—up nearly 70% from Q2 2024—as consumers capitalized on the more stable rate environment. In fact, after refinancing, the average interest rate went from 10.45% to 8.45%. That shift resulted in their monthly payment dropping by an average of $71. Interestingly, credit unions played a significant role in the refinance surge, increasing their market share from 63.22% last year to 68.33% this quarter, and borrowers who refinanced through credit unions saw their monthly payments decrease by $87 on average. Banks saw a slight dip in their share of the refinancing market year-over-year, going from 22.71% to 21.45%, and borrowers who refinanced through them saved an average of $46 a month. New leaders emerge as the lender market share continues to evolve Taking a deeper dive into the automotive finance market share, banks reclaimed their leading position for total vehicle financing, rising to 27.50% in Q2 2025, from 24.50% in Q2 2024. Meanwhile, captives declined from 30.17% to 26.63% year-over-year, and credit unions slightly increased from 20.35% to 21.04% during the same period. For new vehicles, captives continued to lead at 52.39% this quarter, though it was a drop from 60.74% last year. On the other hand, banks grew from 21.12% to 25.91% and credit unions went from 9.99% to 12.24% in the same time frame. On the used side, banks edged ahead, increasing their share to 28.59% in Q2 2025, from 26.80% last year. Credit unions saw slight growth from 27.59% to 27.63%, while captives declined from 7.83% to 6.40% year-over-year. As affordability remains a key priority, consumers seem to be exploring financing options that offer more favorable terms. While Experian Automotive’s report continues to illustrate the evolving dynamics, these data-driven insights can empower both consumers and industry professionals to make smarter financial decisions. To learn more about automotive finance trends, view the full State of the Automotive Finance Market Report: Q2 2025 presentation on demand.

Published: September 5, 2025 by Melinda Zabritski

Collaboration between financial institutions and tech companies is essential to stay competitive and enhance the consumer experience.

Published: June 26, 2025 by Brian Funicelli

Without data, anticipating buyer behavior in the months ahead can be challenging. While some OEMs had record sales¹ this spring, it remains critical to identify who’s in the market—whether to purchase or service their vehicle. With tax refund season in the rearview mirror and summer promotions approaching, consumers may be weighing their next move. Some could have “one foot in the showroom door” while others are waiting to see which dealer delivers the most compelling offer. Meanwhile, 41% of drivers choosing to keep their vehicles longer² are likely focused on maintaining them. So how can you best position yourself?  Explore These 3 Strategic Moves to Navigate This Summer:  Firm up your Service Marketing Plan: With summer road trips on the horizon, your customers may be in the market for services like A/C repair, wheel alignment, tire rotation, engine cooling, oil changes, multi-point inspections, and more. Discover who’s most likely to need service in the next 30–60 days with Experian Automotive’s AutoAudiences. Understand Customers’ Communication Preference: To effectively target your audience, start by understanding how they would prefer to communicate. As Car Dealership Guy puts it, “The shift in consumer preferences is undeniable and generational.”³ Experian Automotive’s Product Management Director, Kirsten Von Busch echoes this, adding, “Understanding generational differences is crucial to developing effective marketing strategies that resonate with each group’s unique preferences”. Experian’s Automotive Consumer Insights support this approach with data-driven messaging and communication channel recommendations.  Focus on Growing Market Share with Mid-Year Auto Trends: Two purchase types that are trending in the beginning half of the year include Leasing⁴ and Trade-In. Whether you have EVs or AWD vehicles on your lot, consider (A)ll (W)eather (D)eals that can (1) Supersede those in your backyard as part of your Conquest strategy and (2) Build upon your “Why Buy” dealer loyalty.  Experian Marketing Engine powers automotive marketing by helping automotive marketers identify the right audience, uncover the most appropriate communication channels, develop messages that resonate and measure the effectiveness of their marketing activities. Timing is everything, so start Targeting and Conquesting in your Market today!  Sources:  http://www.autonews.com/retail/sales/an-april-us-sales-2025-0501/  https://news.dealershipguy.com/p/3-real-time-shifts-in-car-buying-behavior-post-tariff-announcements-2025-05-01  https://news.dealershipguy.com/p/dealers-are-saving-thousands-in-labor-in-fixed-ops-2025-05-30 https://www.experian.com/blogs/insights/auto-the-current-state-of-ev-financing-why-more-consumers-are-choosing-leasing/

Published: June 17, 2025 by Chanté O’Neill

Subscribe to our Auto blog

Enter your name and email for the latest updates.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.