AUSTIN, Texas -

Rising home values often prompt families to refinance their mortgages.

Soaring used-vehicle prices evidently have done the same thing within the auto-finance space, according to a report from RateGenius, which works with more than 150 partners nationwide to help consumers refinance their installment contracts.

RateGenius’ report indicated that approval odds for contract holders across the U.S. are more favorable today than they’ve ever been — a 66% increase in approvals since May of last year — making a strong case for consumers to refinance while circumstances are in their favor.

Other key findings from the report include:

• Among popular vehicle make and models refinanced in the RateGenius network, the 2017 Ford F-150 pickup increased in value by $10,475 (up 40%) from May of last year to May of this year.

• The next greatest percentage increase was the 2017 Nissan Rogue, which increased by $3,775 (up 30%).

• The 2017 Honda Civic sedan value increased by $3,800 (up 28%), followed by the 2017 Jeep Wrangler which had the second-highest average gain in value, $6,325, but the smallest overall increase (up 25%).

• The average retail loan-to-value ratio across all auto refinance applications in May 2021 was 102%, the lowest on record.

• Last month, the average retail LTV was 26% lower than January of last year, 18% lower than January of this year and 27% lower than last May.

“Consumers should take advantage of this market sooner rather than later and refinance their auto loan while conditions are still so favorable,” RateGenius chief executive officer Christopher Speltz said in a news release.

“It’s difficult to predict how long the current semiconductor chip shortage and low new vehicle supply will last, so we encourage consumers to maximize this opportunity to refinance and optimize savings on their auto loan,” Speltz continued.