CINCINNATI—Car lease credit applicants registered a 72% approval rate in December, a rise from the November rate of 67.1%, Swapalease.com reported.
December experienced a slightly higher number of applicants with qualifications for taking over another person’s lease contract and one of the highest approval rates for the 2019 year. The approval rate is consistent with 2018 data that showed 71.4% of applicants were approved. In 2017, only 62% of applicants were approved in December and furthermore only 54.2% were approved in December of 2016.
Since January 2019, lease credit approval ratings rose consistently throughout the year, and experienced only slight fluctuations between 65% to 72.9%. September was the strongest month of the year with a 72.9% approval rate followed by May with a 72.4% approval rate.
“In 2018, we reported on the strength and confidence of the American consumer in the economy with consistent improvements in credit approval ratings throughout the year,” said Scot Hall, executive vice president of Swapalease.com. “In 2019, we saw even stronger approval ratings as well as an increase in shoppers seeking alternative outlets such as Swapalease.com for their next vehicle. We anticipate continued strength entering 2020, but it will be interesting to see if any changing interest rate levels will impact credit approval rates.”