CINCINNATI—Car lease credit applicants registered a 69.8% approval rate in September, a 3.9% drop from the August rate of 72.6%, according to a new report.
Lease approvals experienced a slight dip after approvals had been increasing steadily over the last four months, stated Swapalease.com.
“The number of lease approvals, however, is relatively high for the month of September, as only 47.6% of lease applicants were approved in 2017, and 64.7% were approved in September of 2016. The lease approval rate for the previous three months is registered at 68.8%,” Swapalease.com said.
Lease approvals have been slowly increasing since January, with a slight dip in approvals during the month of May. The approval rate was up again in June, and has maintained a steady increase every month until September, which also experienced the lowest number of applicants who were looking to get into a new lease since January.
“Automotive shopping was unusually strong during the summer months due to the shopper confidence and the strength of the economy,” said Scot Hall, executive vice president of Swapalease.com. “We’ve seen a slightly lower number of applicants for September, which we expect to increase again with the upcoming holiday shopping season.”