Hybrid financing jumps as EV demand cools, Experian reports Hybrid vehicles are gaining momentum with U.S. buyers as EV demand cools, with hybrids reaching a larger share of new-vehicle financing while also offering the lowest average monthly payments. – Hybrids accounted for 16.80% of new-vehicle financing in Q2 2026, up from 12.99% a year earlier. – EV financing fell to 8.15%, down from 9.21% last year. – Hybrid loans had the lowest average monthly payment at $646, compared with $692 for EVs and $721 for gasoline vehicles. – Hybrid leases averaged $566 per month, also below gas vehicles at $602 and EVs at $641. – The expiration of the federal EV tax credit and continued gas-price pressure are helping make hybrids more attractive to shoppers. – The average new-vehicle loan amount increased $1,715 year over year to $43,610, while the average payment climbed $16 to $765. – Despite higher vehicle costs, the average new-vehicle interest rate fell to 6.35% from 6.79% a year earlier. – Refinancing also gained momentum, with consumers saving an average of $83 per month by refinancing their auto loans. – Credit unions delivered the largest average refinance savings at $102 per month. The financing data reinforces a broader shift in the market: consumers aren’t necessarily abandoning electrification—they’re increasingly choosing the lower-cost middle ground of hybrids. For dealers, hybrids can offer an attractive combination of fuel savings, lower payments and familiar ownership compared with fully electric vehicles.

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Circular financing is only a problem when the circle is financing something nobody actually wants. If the underlying product delivers real economic value and real end user demand, the circle pays for itself. If it doesn’t, the circle breaks.

JPMORGAN CUTS JANE STREET FINANCING AS BOND RIVALRY GROWS JPMorgan $JPM significantly reduced financing provided to Jane Street for bond trading last year after the firm began making markets in U.S. Treasuries, putting it in direct competition with the bank, per FT. The reduction represented roughly 5% of Jane Street’s total fixed-income financing across banks and had no material impact on its 2025 revenue. The scale of Jane Street’s push into bonds is significant: • Traded more than $900B of bonds in 2025 • Non-bank trading firms captured ~10% of industry FICC revenue in 2025 • Generated ~$40B in trading revenue last year, just ~$1B below JPMorgan The relationship has reportedly created tension inside JPMorgan, where some traders have questioned why the bank should finance a firm increasingly competing directly with its own fixed-income business. JPMorgan has made similar moves with Citadel Securities, cutting some services after Citadel expanded into businesses competing with the bank. Jane Street has generated another ~$40B in revenue through August this year, though it reportedly booked a ~$15B loss in July on bets tied to AI stocks and an investment in Leopold Aschenbrenner’s Situational Awareness fund.