Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered only a 60.0% approval rate for April, a 20.0% decrease from March (75.0%). A year ago, the approvals rate was 69.9% during the same month.
April’s lease credit approval rate took a dip compared to last month (75.5%). Last year’s number for the same month was slightly higher, registering at 69.9%. Following the trend of previous years, it is likely that next month’s numbers will remain at or below this level. Historically, late summer months like July, August and September tend to be the time of year when car lease credit approval rates increase again.
“It’s not uncommon that the lease credit approval rates drop slightly as we head into the summer months,” said Scot Hall, Executive Vice President of Swapalease.com. “We have seen this trend over the past three years and typically the rates pick back up closer to July. Perhaps this is an indication of more people out shopping for a lease and thus applying, and an influx of applicants usually brings a more diverse range of credit histories.”
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.