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Swapalease.com, the nation’s largest car lease marketplace, reports a slight drop off in year-to-date credit approval trends for August compared with July. The average customer credit approval rate at the end of August was 74.5%, down slightly from 75.6% at the end of July. Approximately three quarters of all people looking to take over someone’s lease are now being approved by the leasing company.
With the exception of August data, customer credit approvals have continually improved throughout 2013, and the current 74.5% approval rate compares to a 62.7% approval rate during the same time last year. Credit is an important part of the car lease process, and each customer looking to take over a lease on Swapalease.com must have equal or better credit standing compared with the existing lessee. Each leasing company determines final approval of car lease applicants.
“The August data continue to show a strong lease approvals market, and this correlates to a similarly strong market for new leases at the retail level,” said Scot Hall, Executive Vice President for Swapalease.com. “We believe the customer credit approvals rate will remain at or near current levels through the remainder of 2013.”
The previous sixty days’ approval activity has been the strongest two-month span so far in 2013, with a 75.5% approval rating during that time. July and August were also the strongest two months of 2012, when a combined 75.0% approvals were recorded. The total number of applicants year-to-date has remained relatively unchanged compared with the same time period last year.
Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal.