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LEASE CREDIT APPROVAL RATES RISE TO 65.2% IN FEBRUARY
Healthy Lease Approval Rating in February Driven By Increase In Shoppers of Payments Under $499 Per Month
Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 65.2% approval rate in February, a rise from the January rate of 57.8%.
February saw a strong showing of applicants with qualified credentials to take over another person’s lease contract during the month. February also represented a strong month a year ago, when 72.2% of lease applicants were also approved. What made this February’s numbers even more impressive was that the number of applicants was similar to the volume seen in January. Typically, a higher volume of applicants will usually signal a down month, as the larger pool of applicants includes a higher number of individuals with less than qualified credit to take over a lease.
Over the last three months and dating back to December, 2017, the lease approval rate is registered at 62.1%. Lease approvals have been relatively stable with the exception of January, when a higher number of declined applicants pushed the rate down to 57.8%. One area of consideration could be that February saw a slightly higher-than-average number of car shoppers applying for lease contracts on vehicles with payments under $499 per month.
“Despite slightly falling sales figures at the dealership, which has an impact on overall lease levels, the appetite to take over an existing lease is near all-time high levels based on the number of applicants we’ve processed over the last few months,” said Scot Hall, Executive Vice President of Swapalease.com. “With prices still extremely high on new vehicle offerings, and more consumers realizing lease transfer as an affordable way to customize your lease term, we expect our applicant level to remain healthy in the foreseeable future.”
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.