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LEASE CREDIT APPROVAL RATES BOUNCE BACK IN OCTOBER

Approval Rates Rise 16.7% Over Last Month

Cincinnati, OH (November 14 2017)

Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 55.6% approval rate for October. The lease credit approval rate improved over last month’s rate of just 47.6%, marking the lowest percentage of approval so far in 2017.

Consumer confidence is likely playing a role in the improvement in automotive lease credit approval numbers. During the month of October, consumer confidence reached the highest level seen since December of 2000, according to CNBC. This increase in consumer confidence suggests that the remainder of 2017 could see favorable economic conditions, which may result in a positive impact on auto lease credit approval rates.

Over the last three months, the auto lease credit approval rate has registered at just 59.2%, similar to what the numbers showed the same time a year ago (60.2%) entering the final months of the year.

“We’re hopeful that the lease credit approval rate will continue to increase as we close out the year,” said Scot Hall, Executive Vice President of Swapalease.com. “However, we’ll certainly keep an eye on these trends as end-of-year sales and incentives may draw more than average shoppers, which could bring back the credit approval fluctuations.”