Swapalease.com, the nation’s largest car lease marketplace, reports lease credit approvals have crested above 80.0% approvals mark over the last three months, the first time approvals have shown this level of success in more than two years. So far in 2015, the lease credit approvals rate improved to 72.2% on the year.
The lease credit approvals also saw a noticeable jump from the same month a year ago, when just 64.5% of approvals were passed compared with the 80.0% this September.
“Whereas earlier this year we were seeing more turbulence from month to month on the approvals rate, we’re now getting to a point where a healthy approvals rate is more consistent,” said Scot Hall, Executive Vice President of Swapalease.com. “We expect to finish the year trending in this direction but will keep an eye on what happens with any interest rate decisions and how that may impact lease approvals levels.”
Swapalease.com allows a person to transfer out of their existing car lease contract by allowing them to find an interested car shopper looking for a short-term lease opportunity. Drivers looking to escape must have their credit approved by the lease company before any transfer of contract can take place. Additionally, existing lease contracts for cars under recall must show documentation of repair before the lease company will complete the transfer.
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.