CINCINNATI—Car lease credit applicants registered only a 60% approval rate for April, a 20% decrease from March (75%), reports Swapalease.com.
A year ago, the approval rate was 69.9% during the same month.
Following the trend of previous years, it is likely that next month’s numbers will remain at or below this level, noted Swapalease.com, which said, historically, late summer months like July, August and September tend to be the time of year when car lease credit approval rates increase again.
“It’s not uncommon that the lease credit approval rates drop slightly as we head into the summer months,” said Scot Hall, executive vice president of Swapalease.com. “We have seen this trend over the past three years and typically the rates pick back up closer to July. Perhaps this is an indication of more people out shopping for a lease and thus applying, and an influx of applicants usually brings a more diverse range of credit histories.”