Lease Approval Ratings Drop Slightly in November Following Slight Increase in October
Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 68.9% approval rate in November, a slight drop from the October rate of 70.9%.
The number of lease approvals is slightly higher than last year for the month of November, as 67.5% of lease applicants were approved in 2017, and 64.7% were approved in November of 2016.
The lease approval rate for the previous three months is registered at a healthy 71.3%. Lease approval averages have been slowly increasing- and stabilizing over the past year, and the number of applicants applying for leases has also increased from the 2017 year. Lease applicants who were approved for a lease transfer through Swapalease.com have been two to three times higher than the number of those declined throughout most of 2018, mostly due to continued strengthening credit profiles. The company expects continued stability in lease credit approvals throughout the beginning of 2019, despite rising interest rates.
“We expect to see a continued increase in lease applicants entering the new year, as dealers have not only offered attractive lease deals- but shoppers have strengthened confidence in their spending power,” said Scot Hall, Executive Vice President of Swapalease.com. “End-of-year prices on new automotive leases has shoppers looking for vehicle upgrades, but we continue to see increased traffic on Swapalease.com as more people seek alternatives to dealer incentives, which have waned throughout 2018.”
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.