Leasing has continued to spiral downward this year and wound up the first nine months at 23.1 percent of total U.S. new-vehicle purchases, off more than 6.2 points from a year earlier.

The estimate of leasing’s continuing decline, made by CNW Marketing Research of Bandon, Ore., was reinforced by a report from the Association of Consumer Vehicle Lessors (ACVL) that leasing of new cars and light trucks plunged 40 percent in 2001 from 2000.

Factors prompting the leasing downswing from a peak of 36 percent in 1997, according to CNW's Art Spinella, include debut of zero percent financing on new vehicles in September 2001, plus reduced residual values that sharply increased average lease payments.

Bernard de Souza, spokesman for the ACVL, which is based in Nashville, Tenn., said the average residual loss rose 10 percent last year to $2,429. He noted that fewer lease promotions were offered by automakers.

The Big 3’s financing arms are members of ACVL. ACVL members account for about 80 percent of new vehicles leased in the United States.