CINCINNATI—Car lease credit applicants registered a 68.6% approval rate in May, a significant increase from the April rate of 63.8%, reported Swapalease.com.
“The 7.6% increase is likely related to an influx of online shoppers who are seeking alternative means of vehicle acquisition during COVID-19. Shoppers continue to seek out online marketplaces in lieu of dealership visits,” Swapalease.com said. “Secondary markets, such as Swapalease.com, provide automotive shoppers with alternative solutions that fit their current lifestyle, which may be altered by shelter in place or work from home arrangements.”
Despite unusual circumstances lease credit approval rates have remained stable when compared to data from the month of May in 2019 and 2018. In 2019, 72.4% of applications looking to take over someone else’s lease were approved. In May of 2018, only 67.9% of applicants were approved.
‘Significant Shift’
“We’re seeing a significant shift in the way consumers are shopping for their next vehicle and an increase in shoppers who are seeking shorter-term financial commitments with lower monthly payments,” said Scot Hall, executive vice president of Swapalease.com.
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.