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Lease Approval Ratings and Consumer Shopping Habits Shift Amongst COVID-19 Pandemic
Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 69.3% approval rate in March, a slight decline from the February rate of 72.3%.
March experienced a higher number of applicants with qualifications for taking over another person’s lease contract, reaching the highest number since December of 2019. March saw a slight decrease in approval ratings from the previous year, where 70.7% of lease applicants were approved last March.
Lease approval ratings saw an uptick in January and February this year following slight fluctuations closing out 2019. Approval ratings registered at 70% in January and 72.3% in February.
“It’s no secret that the we’re seeing a shift in automotive shopping trends as March was fused between several stages of stay-at-home mandates and an increase in social distancing practices,” said Scot Hall, Executive Vice President of Swapalease.com. “We’re seeing an increase in shoppers who are looking for alternative channels to acquire their next vehicle, rather than visiting the dealer showroom where the risk of exposure to the virus could be greater.”
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.