CINCINNATI—As the end of the year arrives, a new report shows interest in leasing is picking up after a brief slowdown.
Swapalease.com reported that car lease credit applicants registered a 67.5% approval rate for November. The lease credit approval rate improved over October’s rate of 55.6%, and up from just 47.6% in September, marking the highest percentage of approval since August when it was at 68.3%.
Other than August, the lease credit approval rate has only been higher two other months in 2017: in February (72.2%) and March (75.0%). Since March, the auto lease credit approvals dipped all the way down to a 12-month low of 47.6% in September, Swapalease.com reported.
Over the last three months, the auto lease credit approval rate has registered at just 58.8%, similar to what the numbers showed the same time a year ago (60.7%) entering the final month of the year.
“Despite the volatility we experienced during 2017, we’re seeing more momentum as we close out the year,” said Scot Hall, executive vice president of Swapalease.com. “December should be an interesting month for credit approvals, especially since there is such a large emphasis placed on luxury and leasing during the holiday season promotions that are heavily advertised on television and inside dealerships. This interest is often translated over to the Swapalease marketplace when people are looking for shorter lease terms or more customized lease terms they can’t typically find at a dealer.”