In the late 1990s, auto makers, their finance companies, and banks pumped up vehicle sales with great deals on leases. In the past year, the industry kept sales roaring with 0% financing deals. Both schemes helped move plenty of metal, but they also have caused a flood of trade-ins and off-lease cars to dealers' lots this year. The influx of cars―combined with a soft economy―has sent used-car prices tumbling 4% this year, to below the average for 2000. That's bad news for carmakers, for several reasons. First, the industry will be stuck with 3.3 million cars coming off lease this year, many of which the carmakers and finance companies will have to sell at a loss. Second, manufacturers have to stick with profit-eating 0% financing and rebates to keep buyers from snapping up the good deals on used cars. Finally, the losses on reselling cars have forced the Big Three to pull back on leasing. That means some would-be lessees are now buying and probably won't be in the market for a new car again soon. "There will be a giveback," says Bank One Corp. economist Diane Swonk. "The U. S. car market will be downsizing."
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机译：在1990年代后期，汽车制造商，其金融公司和银行通过大量的租赁交易提高了汽车销售量。在过去的一年中，该行业以0％的融资交易保持了销售的轰动。两种方案都有助于转移大量的金属，但它们也导致今年以折旧和租赁汽车的大量涌入经销商手中。汽车的大量涌入加上经济的疲软，使二手车价格今年暴跌了4％，跌至2000年的平均水平以下。对汽车制造商来说，这是一个坏消息，原因有很多。首先，今年汽车行业将被330万辆租赁汽车所困，其中许多汽车制造商和金融公司将不得不亏本出售。其次，制造商必须坚持利润率为0％的融资和回扣，以防止买家抢购二手车的好交易。最终，转售汽车的亏损迫使三大巨头撤回了租赁业务。这意味着一些潜在的承租人现在正在购买，并且可能很快将不再有新车投放市场。 Bank One Corp.的经济学家黛安·斯旺克（Diane Swonk）说：“将会有回报。” “美国汽车市场将缩小规模。”
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