Lease Credit Approval Rates Rise to 71.2% in July

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LEASE CREDIT APPROVAL RATES RISE TO 71.2% IN JULY

Lease Approval Ratings Continue to Improve in July Following Steady Approval Increase for 3 Consecutive Months

Cincinnati, OH (August 7, 2018)

Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 71.2% approval rate in July, a rise from the June rate of 68.4%.

The number of lease approvals is unusually high for the month of July, as 54.3% of lease applicants were approved in 2017, and 58.3% were approved in July of 2016. The numbers follow the consumer credit announcement a few weeks ago where it was reported that consumer credit surged 11.4% in May. Nonrevolving credit, which includes auto loans, rose 6.3% in May.

The lease approval rate for the previous three months is registered at 68.8%. Lease approvals have been slowly increasing since January, with a slight dip in approvals for the month of May. The approval rate was up again in June, and now sits at the highest point it has been all year in the month of July.

“No doubt, the strength and resilience of the economy continue to drive a lot of automotive shopping activity today,” said Scot Hall, Executive Vice President of Swapalease.com. “There are many people who have the means to change into a different vehicle, and we’re seeing a lot of people exiting their lease early because of the desire to either get into a different brand altogether or change the type of vehicle they drive because of different tastes or life situations.”

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.