CINCINNATI—Car lease credit applicants registered a 72.9% approval rate in September, a four percentage point increase from the August rate of 68.9%, reports Swapalease.com.
September had the highest number of credit approvals in nearly three years. The last time credit approvals registered higher than 72.9% was in March of 2016, when 75% of applicants were approved.
The number of lease approvals is relatively high for the month of September, considering 69.8% of lease applicants were approved in 2018 and only 47.6% were approved in 2017, Swapalease.com said.
Lease credit approvals have been relatively consistent since January, with only slight fluctuations and an unexpected dip in June. Approval rates were up again in July and have remained steady until September, according to the company’s analysis.
‘Interesting’ Times Ahead
“It’s clear that consumer spending has remained healthy, fueling a strong credit approval rating for the month of September,” said Scot Hall, executive vice president of Swapalease.com. “It will be interesting to see how spending habits will evolve and change as we approach the holiday shopping season.”
Swapalease.com is a service that matches a person wanting out of their existing vehicle lease contract with a car shopper looking to take over a short-term vehicle lease.