LEASE CREDIT APPROVAL RATES DIP SLIGHTLY TO 68.4% IN JUNE

Secondary Marketplace Activity Picks Up With Shoppers Looking to Avoid Dealer Down Payments

 

 Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 68.4% approval rate entering July, relatively unchanged but up slightly from the 67.9% mark registered in May.

 

Even though lease origination activity at dealerships has been down slightly in 2018, lease takeover activity has remained healthy, with many shoppers taking advantage of shorter, customizable terms offered on the secondary market. Benefits of lease takeover can be extremely budget friendly, with interested shoppers avoiding the down payment typically required at the dealership (this has already been covered by the initial lessee), and the ability to make a shorter commitment on the lease contract.

 

With the economy still relatively strong, Swapalease.com has experienced more stability in its lease approval rates since the beginning of the year. Since February, the lease credit approval rate hasn’t dipped below 65%, illustrating a normal and healthy approval range.

 

“We’re seeing a few more applicants with quality credit to take over leases in the marketplace, most likely as a result of higher lease costs at the dealership,” said Scot Hall, Executive Vice President of Swapalease.com. “An additional benefit of taking over an existing lease is that the buyer is insulated from economic changes affecting dealership prices, such as higher interest rates or lower incentives offered at present day.”

 

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.


About Swapalease.com:

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.

 

 

 

 

Views: 12

Comment

You need to be a member of DealerELITE.net to add comments!

Join DealerELITE.net

dE Sponsor

Latest Activity

Sandy Zannino posted a blog post

$505 MILLION--Do your managers know the basics to keep your PROFITS safe?

Auto Dealer HR: Ain't Nobody Got Time for That!  The EEOC secured $505 Million dollars in 2018 for…See More
14 hours ago
Kevin Winter posted a blog post
yesterday
Russ Beckenstein posted a video

How do you Ensure the Trade-In isn't a Deal Breaker?

AutoLoop VP, Front End Solutions Russ Beckenstein shares advice on how dealerships can avoid a customer's trade-in becoming a deal breaker.
yesterday
Andy Church posted a video

Profit By Action Quick Tip: Used Vehicle Inventory Management

Andy Church explains why used vehicle inventory management is vital to dealership profitability in this Quick Tip.
yesterday
Simon Hopes's blog post was featured

3 Dangerous Driving Habits to Avoid at All Costs

If you’ve been in a car any time recently, then you won’t be surprised to hear that distracted…See More
yesterday
Asad Shoaib posted a blog post

Do I Really Need To Fix That Dent In My Car?

No matter the season, finding dents on our cars are all too common. Maybe you backed up into a…See More
yesterday
Bill Wittenmyer's blog post was featured

Do you have “Only Person in the World” Disease?

Recently I was waiting in line at an airport, along with hundreds of other travelers. A couple…See More
Friday

de sponsor

Get Newsletter

dE Sponsor

© 2018   Created by DealerELITE.   Powered by

Badges  |  Report an Issue  |  Terms of Service