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Swapalease.com, the nation’s largest car lease marketplace, reports lease credit approvals during November continued to increase, fueling even more end-of-year momentum for lease applications and vehicle exchange rates. November saw an approvals rate of 84.2%, the second-highest monthly lease approvals rate during 2014 (August saw 85.7%).
The monthly approvals rate was driven by early holiday lease campaigns and offers, with a rising number of lessees exchanging vehicles from brands such as Chrysler, Mazda, Jeep, GMC, Ford, Buick and Chevrolet. Among luxury brands, Lexus saw its typical seasonal jump in exchange requests.
Year-to-date, Swapalease.com has recorded a lease credit approvals rate of 69.7%, the highest YTD rate since January when 2014 started out with a 70.6% approval rate.
Lease approvals are expected to maintain their recent momentum driven largely by the consumer’s appetite to leverage lease finance options in the showroom. According to Experian, more than 29% of car sales were written as leases during the third quarter. With many auto industry insiders predicting nearly 17 million cars sold next year, Swapalease.com believes the lease penetration rate will rise above 30% in 2015.
“Lease deals will continue to rise over the next several months as car sales increase and used car values maintain their strong retention rates,” said Scot Hall, Executive Vice President of Swapalease.com. “What’s more, leasing is gaining popularity among millions of consumers who now view their car as just another monthly payment.”
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.