Professional Community for Car Dealers, Marketing, Advertising and Sales Leaders
Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 68.8% approval rate during June, a significant rebound from May when only 48.1% were approved. The company saw less of an influx of shoppers applying for higher-end luxury leases, which often drives up non-approval rates. So far year-to-date, 62.4% of transfer applicants have been approved, compared to 67.4% the same time last year. A higher number of lease applicants registered for leases with monthly payments between $400 - $599 monthly, which is a healthier sweet spot for applicants finding approvals based on credit qualifications. Swapalease.com officials say many vehicles in this price range continue to be in the luxury and entry-luxury categories, such as BMW 3-Series, Audi A4/A6, and Mercedes C-Class type vehicles. There is often a higher number of vehicles in this class, and a higher percentage of applicants find approvals from the lease company. What’s more, smaller SUVs and crossovers continue to grow in volume in the marketplace, and even these vehicles come at a monthly price point that’s typically more prone to an applicant finding an approval. “As our lease credit approvals have continued to experience volatility from month to month, we’re beginning to have a better understanding as to why,” said Scot Hall, Executive Vice President of Swapalease.com. “We have a greater diverse set of cars and trucks in our marketplace today compared with five or ten years ago, and this means that we are experiencing more volatility in approvals from month to month depending on the volume and deals offered by certain tiers of vehicles.” 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. About Swapalease.com: 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.