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Secondary Marketplace Activity Picks Up With Shoppers Looking to Avoid Dealer Down Payments
Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 68.4% approval rate entering July, relatively unchanged but up slightly from the 67.9% mark registered in May.
Even though lease origination activity at dealerships has been down slightly in 2018, lease takeover activity has remained healthy, with many shoppers taking advantage of shorter, customizable terms offered on the secondary market. Benefits of lease takeover can be extremely budget friendly, with interested shoppers avoiding the down payment typically required at the dealership (this has already been covered by the initial lessee), and the ability to make a shorter commitment on the lease contract.
With the economy still relatively strong, Swapalease.com has experienced more stability in its lease approval rates since the beginning of the year. Since February, the lease credit approval rate hasn’t dipped below 65%, illustrating a normal and healthy approval range.
“We’re seeing a few more applicants with quality credit to take over leases in the marketplace, most likely as a result of higher lease costs at the dealership,” said Scot Hall, Executive Vice President of Swapalease.com. “An additional benefit of taking over an existing lease is that the buyer is insulated from economic changes affecting dealership prices, such as higher interest rates or lower incentives offered at present day.”
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.