Lease Credit Approvals Continue on Downward Trend Diving Below 60%
CINCINNATI, OH–(Marketwired – September 15, 2016) – Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 57.7% approval rate for August, the lowest rate the market has seen in 2016 and also the lowest rate for the month of August in the past two years. A year ago the approvals rate reached 85.7% during the same month.
The monthly lease credit approval rates have been declining steadily since February of this year. While August’s approval rate is only 1.1% lower than July’s rate, it is also only 3.2% higher than the lowest approval rate in 2015 and 1.2% higher than the lowest approval rate in 2014. Rather than this trend serving as an indicator of a softening credit market, Swapalease.com executives believe a rising number of overall applications from increased lease interest are pushing the overall rate downward.
“Car lease credit approvals typically fluctuate throughout the year so to see a downward trend spanning more than six months is unusual,” said Scot Hall, Executive Vice President of Swapalease.com. “However, with lease interest at all-time highs, it is expected that the number of declines will also be added to the mix here.”
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.
Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.