Lease Credit Approval Rates Rise in August
Swapalease.com reports that car lease credit applicants registered a 72.6 percent approval rate in August, over the 68.3 percent approved in the same month last year. The rate was registered at 71.2 percent in July.
Since January, the lease approval rate has continued to rise, making August the strongest month of the year thus far. Approval ratings rose from 57.8 percent in January to 70 percent in April, and then experienced a slight decline for the month of May (67.9 percent). Ratings have increased each month since June.
“We are continually impressed with the increase in number of applicants, as well as with the increase in lease approvals,” said Scot Hall, executive vice president of Swapalease.com. “The strong economy is certainly helping boost the credit approval rate for lease transfer applicants, but as prices on new vehicles keep rising and incentives continue to fall, we believe a growing number of shoppers will seek alternate channels for their next vehicle, such as the secondary lease transfer marketplace.”
Swapalease.com matches a person wanting out of their existing vehicle lease contract with a car shopper looking to take over a short-term vehicle lease. The marketplace has several thousands of cars and trucks available for transfer to anywhere in the continental U.S.