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Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered just a 54.3% approval rate for July.
July’s credit approval rate is showing a decrease from the previous month (68.8%).
A year ago the approvals rate was just slightly higher, reaching 57.7%. Overall, this year’s credit approval numbers have been somewhat lower than in years past.
This dip in lease credit approvals continues to be attributed to several factors that include a higher volume of lease applicants with less-than-stellar credit worthiness, as well as a higher number of applicants looking for vehicles in higher-priced categories. During this time of year, Swapalease.com typically sees a dip in the approval ratings because students with lower credit scores are looking for vehicle leases entering the new college school year.
“Both the state of the economy and the increased number of applicants indicate that more consumers are ready to lease vehicles,” said Scot Hall, Executive Vice President of Swapalease.com. “Unfortunately, their credit doesn’t always reflect that readiness. As the economy continues to improve, giving more people the incentive to lease vehicles out of their reach, we expect to the number of declines to be higher than normal.”
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.