Association of Consumer Vehicle Lessors Announces Consumer Vehicle Lease Volume Down 14.5% in 2002

    NASHVILLE, Tenn., Dec. 23 -- New lease volume for the period
Jan. - Nov. 2002 for the largest national lessors declined 14.5% from the same
period in 2001 according to a survey conducted by The Association of Consumer
Vehicle Lessors (ACVL).  A prior ACVL survey of the full year volume change
from 2000 to 2001 found a 40% drop.  When combined, these surveys indicate
that there has been about a 50% drop in lease volume since 2000!
    The results, announced today, showed member lessors purchased 2.07 million
leases for the same 2001 period compared to 1.78 million YTD in 2002.
    Although the overall 2001/2002 decline was 14.5%, the average respondent's
volume declined somewhat less, 10.5%.  This would indicate that, on average,
larger lessors had greater declines than smaller ones.  Not all respondents
had reduced volume:  29% of member lessors experienced an increase in volume
averaging 25.6%.
    Bank lessors saw their volume decline 19%, compared to 14% for
manufacturer captive finance companies.  "There were a number of factors
contributing to lower lease volumes," explained Rob Mize, ACVL President,
"including the 0% manufacturer promotional loan finance rates and other very
low interest rates, lower residual values (causing higher monthly payments),
fewer manufacturer lease promotions, and the retraction of some bank lessor
programs by withdrawing from some states and/or being more selective in
approving lease applications."

                                  Exhibit 1

            Jan. - Nov. 2001 vs. Jan.- Nov. 2002 New Lease Volume

                       2001       2002     # Diff.   % Diff.    Avg.
                                                             Unweighted
                                                              New Lease
                                                               Change      N
    All Respondents  2,078,183  1,776,056  -302,127   -14.5%   -10.5%      18
    Banks              388,379    314,747   -73,632   -18.9%   -25.9%       8
    Captives         1,689,804  1,461,309 - 228,495   -13.5%     1.9%      10



    Although the attention of consumers and dealers has shifted away from
leasing, leasing still offers consumers a variety of advantages including:

    * Protection from continued volatility in used car prices and the
      possibility of unexpected depreciation;
    * Avoidance of the hassles of negotiating a trade-in value when the
      consumer wants a new vehicle;
    * Reduced sales tax in most states since the tax is only paid on the lease
      payments rather than the full price of the vehicle.

    In addition to providing the vehicle return/walkaway option that protects
consumers from unexpected depreciation, most leases offer a fixed price
purchase option so that consumers can capture the "up side" (by trading or
purchasing the vehicle at lease end) if depreciation is less than expected.
    "With the sizeable reduction in lease volume, there will be many fewer
vehicles in vehicle auctions 3 years from now," notes Raj Sundaram, President
of Automotive Lease Guide.  "That increases the likelihood that used car
prices may rebound creating an upside for consumers who lease their vehicles
today."
    Consumers looking for further information on whether leasing or financing
better meet their needs should visit the ACVL "Leasing vs. Buying Quiz" and
the accompanying "Leasing vs. Buying" comparison.  See ACVL.com.

    The ACVL was founded in 1993.  Based in Nashville, Tennessee, the ACVL is
a national trade association for the largest manufacturer and import
distributor captive finance companies, banks, and independent leasing
companies whose primary goals include increasing consumer understanding of
lease benefits and responsibilities through improved disclosure.

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