Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 62.0% approval rate for December. The lease credit approval rate decreased slightly from November’s rate of 67.5%.
In December there is always a heavy emphasis on holiday promotions for luxury vehicles. More shoppers interested in these leases typically mean higher volumes of lease applicants, which also come with a higher number of applicants with a variety of credit standings. Compared to lease credit approval numbers for the same month in past years, a 62.0% approval rate is higher than the recent average.
Last year was a very volatile year for lease credit approvals, especially compared with 2016 levels. 2017 saw higher volatility due to factors such as increased numbers of applicants, which can decrease the number of approvals, natural disasters disrupting normal leasing trends, and pockets of well-qualified shoppers with the appropriate credentials for lease takeovers that affected the credit approval rates.
“The increased interest in luxury vehicles around the holiday season means that fewer applicants are typically approved for leases,” said Scot Hall, Executive Vice President of Swapalease.com. “Looking ahead to 2018, we have historically seen stronger lease credit approvals in the spring, and we are hopeful that trend continues this year. With auto sales falling slightly in 2017, many dealers and OEMs are expected to keep leasing at a healthy level, with plenty of promotions and aggressive pricing into 2018.”
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 visitwww.swapalease.com.