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Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 75.0% approval rate for March, up by 3.8% change from February, which had a 72.2% approval rate. A year ago, the approvals rate was 66.7% during the same month.
2017 is already showing higher lease credit approval rates than 2016. Data from the past three years show that the beginning of the year tends to have a slightly lower approval rate but so far, 2017 has not followed suit with two straight months above 70% on approvals.
“After 2016, which saw an increase in the number of overall applicants, as well as a higher number of non-approvals, it’s good to see 2017 begin to see higher approval rates,” said Scot Hall, Executive Vice President of Swapalease.com. “We’ll have to see how the next few months come together, but we’re cautiously optimistic that we’ll see this rate of higher approvals continue.”
Despite rising incentives and an increase in the number of lease returns to dealerships, auto dealers continue to push lease deals for consumers. The most recent lease outlook from RVI Group said the group expects lease penetration to remain near all-time-high levels.
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.