The landscape of used car leasing is swiftly changing, with emerging terms like "micro-lease" and "subscription," along with major players like Honda and Nissan introducing Certified Pre-Owned leasing programs in December 2023. Consumers are struggling with affordability due to factors such as rising car prices, increased loan interest rates, and a notable surge in auto insurance costs. Delinquency rates and bankruptcy filings are on the rise, particularly among lower-income borrowers and areas. The fourth quarter of 2023 saw the highest rate of car owners falling behind on payments since 2010, attributed to pandemic-induced price increases and higher loan interest rates. The average monthly payment on new-car loans hit a record high of $623, with rates at 9.2% for new cars and 13.8% for used cars in December 2023.

Individual bankruptcy filings also surged in February 2024, marking a 21% increase compared to the previous year. Amidst these challenges, there's an opportunity for leasing industry professionals to offer affordable car payment options, catering to consumers facing financial constraints. Experian data indicates a rising trend in leasing across different credit tiers, signaling a growing demand from customers affected by current market conditions, emphasizing the need to adapt leasing strategies to meet evolving consumer needs.