J.D. Power and Associates discovered the level of new-vehicle contracts lasting 72 months or longer softened a bit last month, but the penetration still landed higher than May of last year.
According to J.D. Power’s May Industry Health Review, the penetration of 72-month financing terms came in at 27.9 percent, which was 4.2 percent lower than April’s reading of 29.2 percent. However, the May reading ended up 6.9 percent higher than the year-ago mark of 26.1 percent.
Analysts found four vehicle segments made jumps of at least 15 percent year-over-year in connection with 72-month financing. That group included large pickups (up 15 percent), midsize utilities (up 17 percent), large conventional models (up 21 percent) and subcompacts (up 23 percent).
J.D. Power’s report also included May leasing trends, which moved higher both month-over-month and year-over-year.
The firm determined May’s lease penetration settled at 20.9 percent, up 1.5 percent from the previous month and 9.4 percent from the same month last year.
Analysts spotted five vehicle segments that made double-digit leasing gains last month. Included in that bunch were compact conventional models (up 15 percent), large pickups (up 14 percent), compact crossovers (up 28 percent), midsize crossovers (up 12 percent) and subcompacts (up 16 percent).