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Higher-Than-Average Number of Lease Shoppers Continued To Search for Luxury Leases Into January and Past the Holiday Promotions
Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 57.8% approval rate in January to begin 2018, down from 62.0% in December. January’s rate was higher than the 50% rate from a year ago in January 2017.
Some of the reason for the lower-than-normal approval rate can be attributed to the higher-than-average number of applicants registered in January. With holiday promotions and strong emphasis on luxury lease offers typically signaling heavy applicant volume in December, the marketplace saw a continuation of high volume applicants opening the new year in January. With this higher volume comes a variety of credit histories, including more applicants with less-than-stellar credit approved by the banks.
Over the last three months and dating back to November, 2017, the lease approval rate is registered at 62.2%. The majority of applicants are interested in taking over leases in the mid- to high-end luxury categories, including higher-end SUVs. These vehicles come with an average monthly payment of $499 or higher.
“We’re continuing to see a healthy consumer appetite in taking over existing leases in the online marketplace, and a large number of these interested parties feel confident in the monthly payments they’re willing to take on,” said Scot Hall, Executive Vice President of Swapalease.com. “The banks and lease companies have remained firm in their criteria for approvals, which is why we continue to see a slightly higher number of those still not being approved. Credit profile remains extremely important when applying for a lease across any segment or type.”
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.