Car lease credit applicants registered a 70 percent approval rate entering May, a rise from the previous month’s rate of 67.3 percent, according to Swapalease.com.
April experienced a higher number of applicants with qualifications that led to more approvals for taking over another person’s lease contract during the month. April has statistically been a slower month for lease approval ratings, as 60 percent of lease applicants were approved during the month in 2017.
April showed a slightly higher number of lease applicants, as well as a higher approval rating than the applicants for the month of March.
Since January, the lease approval rate for the previous four months overall has registered 65.5 percent. Lease approvals have been slowly increasing since January, after the month experienced an unusual decline in approvals, pushing the rate down to 57.8 percent. The approval rate was up in February and March, and again in April.
“Lease credit approvals continue to show more stability as we move through spring and into the summer months,” said Scot Hall, executive vice president of Swapalease.com. “We attribute much of this stability to an increased number of applicants who are shopping on the site and looking for attractive deals they may not be finding at dealerships. With a still strong economy, we’re seeing a larger number of credit-qualified applicants going through the system.”