Lease Approval Ratings Decline While Lease Applications Continue to Increase
CINCINNATI, OHIO (August 12, 2020) – Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 65.1% approval rate in July, a slight decline from the June rate of 67.1%.
July experienced a higher number of applicants with qualifications for taking over another person’s lease contract yet saw a slight decrease in the number of applicants who were approved. The approval ratings are also slightly lower than those in years past.
In July of 2019, approximately 69.1% of applicants were approved, and in July of 2018, a healthy 71.2% of applicants were approved. Approval rates have continued to fluctuate since January when the spread of the COVID-19 virus first began. The approval rates continued to rise in January and February, with slight fluctuations each month from March to July.
“While the Consumer Financial Protection Bureau reported credit applications for automotive loans fell between thirty and fifty percent since March, we’ve been fortunate to see an increase in shoppers and credit applications to take over another person’s lease each month,” said Scot Hall, Executive Vice President of Swapalease.com. “Shoppers are looking for alternative means to vehicle acquisition, and sites like Swapalease.com make that possible. Shoppers want short-term commitments with low risk during unprecedented times.”
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.