CINCINNATI—Car lease credit applicants registered a 68.8% approval rate in October, a modest dip from the September rate of 72.9%, a new report shows.
Data from Swapalease.com also reveals that when compared to October of 2018, the number of lease approvals last month decreased slightly from 70.9%. However, both October of 2018 and October of 2019 rates were an improvement, considering only 55.6% of applicants were approved in 2017, the company said.
The average credit approval rate for the last three months registers at 70.1%. Strengthening credit profiles and positive consumer credit behavior could be the reason for a higher than usual credit approval average, the company said, predicting continued stability entering 2020, remaining optimistic that growth will continue throughout the first quarter of 2020.
“We anticipate a continued increase in lease applicants entering 2020. Shoppers have remained confident in their ability to spend, and dealers are ready to deliver unprecedented lease deals as we close out the year,” said Scot Hall, EVP with Swapalease.com. “As we near the end of 2019, attractive lease deals may entice shoppers to upgrade their vehicles. With more people seeking alternatives to new lease terms offered by dealers, we will continue to see increased traffic on Swapalease.com for people seeking shorter or custom terms.”
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.