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Lease Approval Ratings Drop Slightly in August Following Increase in July
Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 68.9% approval rate in August, a slight dip from the July rate of 69.1%.
August experienced a higher number of applicants with qualifications for taking over another person’s lease, as well as the highest number of applicants year-to-date. The month had a slightly lower approval rating than August of 2018, where 72.6% of applicants were approved.
Since January, the lease approval rate has continued to rise with only slight fluctuations. The average credit approval rating for the year to date registers at 69%. The slight dip in August can be attributed to a slightly higher number of applicants, which usually come with a higher volume of less-than-stellar credit to take over a lease.
“We have continued to see steady and healthy increases in approval ratings on Swapalease.com throughout the year, said Scot Hall, Executive Vice President of Swapalease.com. “As prices on new vehicles rise, we will continue to see a growing number of shoppers looking for alternate channels such as the secondary lease transfer marketplace for their next 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.