The Association of Consumer Vehicle Lessors (ACVL) has announced that member leasing companies reporting both 2001 and 2002 volume had a total reduction in new leases from 2.02 million in 2001 to 1.89 million in 2002. This modest 6.8% 2002 volume decline shows that leasing activity has almost stabilised. However, since the peak of leasing in 1999, leasing volume has fallen 42.6%.