Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 67.5% approval rate for November.
The lease credit approval rate improved over last month’s rate of 55.6%, and up from just 47.6% in September, marking the highest percentage of approval since August when it was at 68.3%.
Other than August, the lease credit approval rate has only been higher two other months in 2017: In February (72.2%) and March (75.0%). Since March, the auto lease credit approvals dipped all the way down to a 12-month low of 47.6% in September.
The lease approval rate has been bitten by volatility in 2017, with low approval months seeing a higher number of lease applicants by volume, and the higher approval months seeing a higher number of concentrated shoppers with lease-ready credentials for takeover. When a higher number of applicants enter the marketplace the lease company must sift through more applicants that tend to show higher numbers of people with less-than-stellar credit to take over a lease.
Over the last three months, the auto lease credit approval rate has registered at just 58.8%, similar to what the numbers showed the same time a year ago (60.7%) entering the final month of the year.
“Despite the volatility we experienced during 2017, we’re seeing more momentum as we close out the year,” said Scot Hall, Executive Vice President of Swapalease.com. “December should be an interesting month for credit approvals, especially since there is such a large emphasis placed on luxury and leasing during the holiday season promotions that are heavily advertised on television and inside dealerships. This interest is often translated over to the Swapalease marketplace when people are looking for shorter lease terms or more customized lease terms they can’t typically find at a dealer.”
Swapalease.com matches a person wanting out of their existing vehicle lease contract with a car shopper looking to take over a short-term vehicle lease. The marketplace has several thousands of cars and trucks available for transfer to anywhere in the continental U.S.
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. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.