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Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered just a 48.1% approval rate during May, the lowest approval rate tracked by the company dating back to 2014 when the monthly approval ratings began.
Company officials pointed to a higher-than-normal influx of applicants looking to take over higher-end luxury leases, especially high-priced SUVs that come with payments in the $600s and $700s each month. Applicants for leases in this price range usually result in higher declines from applicants failing to meet the credit requirements of the lease company.
Year-to-date, the car lease credit approval rate has registered a monthly average of 61.1%, which compares to 67.7% for the same period last year. Over the last three months, the lease credit approval rate has averaged 62.1%.
“We’ve been tracking a rise in the number of people searching and attempting lease takeovers on higher-priced luxury SUVs recently,” said Scot Hall, Executive Vice President of Swapalease.com. “With a healthy economy and moderate fuel prices, we believe people are feeling confident in obtaining a higher monthly vehicle payment each month. Unfortunately, their attempts aren’t always successful, especially if their credit just doesn’t match the appetite for their desired vehicle.”
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.