CINCINNATI—Car lease credit applicants registered a 69.3% approval rate in March, a slight decline from the February rate of 72.3%, Swapalease.com reported.
March experienced a higher number of applicants with qualifications for taking over another person’s lease contract, reaching the highest number since December of 2019. March saw a slight decrease in approval ratings from the previous year, where 70.7% of lease applicants were approved last March, the company said.
Lease approval ratings saw an uptick in January and February this year following slight fluctuations closing out 2019. Approval ratings registered at 70% in January and 72.3% in February.
“It’s no secret that the we’re seeing a shift in automotive shopping trends as March was fused between several stages of stay-at-home mandates and an increase in social distancing practices,” said Scot Hall, executive vice president of Swapalease.com. “We’re seeing an increase in shoppers who are looking for alternative channels to acquire their next vehicle, rather than visiting the dealer showroom where the risk of exposure to the virus could be greater.”