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Swapalease.com, the nation’s largest car lease marketplace, reports lease credit approvals entering July saw a healthy rebound from June levels, jumping 3.5% to an overall approvals rate of 72.0%, compared with just 69.6% in the previous month.
The year-to-date approvals rate improved to 68.0%, hovering closely to the “healthy” average of 70% that Swapalease.com has historically benchmarked. Swapalease.com executives feel the July numbers reflect the continued summer strength in dealer showrooms, with a continued flow of growth in car sales.
Compared to the previous year, the lease credit approvals rate has been steadily improving, with last year’s YTD rate at just 64.5%.
The lease credit approval rate has admittedly experienced some volatility over the past twelve months, with the approvals rate up and down from one month to the next. Swapalease.com executives continue to feel there remains a steady flow of credit-challenged individuals from SubPrime and Millennial profiles. In fact, Edmunds.com recently reported that it’s noticing a larger-than-average appetite for Millennials and leasing, with the 18-34 age group accounting for 28.9% of cars sold as leases compared with the industry average of 26.7%.
“Leasing continues to rise throughout the entire auto industry, with particular interest from younger drivers,” said Scot Hall, Executive Vice President of Swapalease.com. “Our marketplace remains an attractive option for these drivers to exercise their ability to change cars more frequently, and without harm to their credit.”
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.