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A NEW BREED OF CAR LEASE SHOPPER MAY BE PROPPING UP LEASE CREDIT APPROVALS

Cincinnati, OH (November 17, 2015)

Swapalease.com, the nation’s largest car lease marketplace, reports lease credit approvals slipped to 75.0%, down slightly from the 80.0% mark reached entering October. Even with the change, the approvals rate on the year actually improved to 72.4%, a healthy mark for credit approvals.

Over the last three months, the lease credit approvals rate has been among the highest Swapalease.com has ever seen at 80.4%. In fact, Swapalease.com executives weren’t shocked to see the rate slip this month since it would have been difficult to keep the successful pace it had been on over the past 90 days.

Swapalease.com executives are continually looking to identify patterns above and beyond a still-improving economy to determine where and how the credit approval rate has increased in the second half of the year. One reason may be that leasing in general is attracting a different type of car shopper profile. As an example being explored by Swapalease.com, a recent report illustrated that more electric vehicle (EV) drivers have been leasing at higher rates.

“So often we focus on the broader economy to see if there is a correlation with the lease credit approval rate,” said Scot Hall, Executive Vice President of Swapalease.com. “While this is an important indicator, we’re always looking to see if there are other reasons, such as different demographics leasing more or, as was the case earlier this year, the impact student loans may have on car shopping.”

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.