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Swapalease.com, the nation’s largest car lease marketplace, reports lease credit approvals during the month of March were at 69.6%, up from last month’s yearly low of 66.7%. The 69.6% approvals mark is also the level of the last three months, indicating a credit approvals landscape that continues to hover near the “healthy” mark of 70%.
The credit approvals rate over the last twelve months stands at 71.7%. Prior to March, the approvals rate had continuously dropped from early fall of 2013 when the approvals rate rose to approximately 76%. Since then, Swapalease.com has noticed an increasing rate of credit applications due to more lease shoppers entering the marketplace. For more historical car lease credit data click here.
According to data cited in a recent Bloomberg news article, consumers borrowed more for autos and other non-revolving loans in February, exceeding estimates from economists. Consumers borrowed $16.5 billion in advanced credit compared with $13.8 billion in January, signaling an American appetite for credit that keeps rising.
“A consumer that wants to borrow doesn’t always mean they will be approved, which is why our approval rate continues to hover near the 70% healthy mark,” said Scot Hall, Executive Vice President of Swapalease.com. “Credit worthiness is the most important aspect of getting approved for a car lease, and Swapalease.com expects this number to remain at or near healthy levels for the near term.”
When a car lease shopper is interested in taking over someone’s lease, Swapalease.com matches the two parties and helps the “buyer” connect with the lease company to being the credit approvals process. If anyone is not approved they can work with a Swapalease.com partner to repair or improve their credit standing before a re-application process.
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.