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National car lease marketplace Swapalease.com reports its latest lease customer credit approval information, with positive trends continuing into the halfway mark of 2013. According to data from Swapalease.com, the year-to-date credit approvals rate recorded at the end of June was 73.9%, down just slightly from 75.3% approvals in May.
Swapalease.com considers a healthy rate when credit approvals reach 70% of all applications. Credit is extremely important in car leasing, and each customer looking to apply to take over a lease on the Swapalease.com marketplace must undergo an applications process, including credit verification, with the lease company. The 73.9% YTD figure at the mid-way point of 2013 compares to 58.4% approvals during the same time in 2012.
“The overall credit approvals rate has been much stronger in 2013 compared to what our marketplace experienced in the previous year,” said Scot Hall, Executive Vice President of Swapalease.com. “We anticipate this pattern will continue, particularly as the automotive industry and labor markets continue to show additional strengthening.”
The number of customers seeking to go through the credit application process to take over a lease on Swapalease.com increased 22.2% from May to June. Credit history and credit score are the primary qualifiers evaluated by the lease companies during the application process. A successful lease transfer does not reflect negatively on the outgoing lessee’s credit, as the lease company indicates that person as fulfilling their payment obligation.
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