April Credit Trends

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LEASE CREDIT APPROVAL RATES RISE TO 72% IN APRIL

Lease Approval Ratings in April Reach Their Highest Since August of 2018, making it the strongest month of the year

Cincinnati, OH (May 14, 2019)

Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 72% approval rate in April, a rise from the March rate of 70.7%.

April experienced a higher number of applicants with qualifications that led to more approvals for taking over another person’s lease contract during the month. April saw a slight increase in approval ratings from the previous year, where 70% of lease applicants were approved last April. Only 60% of applicants were approved in April of 2017.

Since January, the lease approval rate has continued to rise, with April leading strong into the second quarter. Approval ratings registered at 65.9% in February, followed by an increase in approval ratings for March, bringing the approval rating up to 70.7%.

“We’re continually impressed with the increase in number of applicants, as well as with the increase in lease credit approvals,” said Scot Hall, Executive Vice President of Swapalease.com. “Prices on new vehicles continue to rise, as does consumer uncertainty surrounding lack of incentives at the dealership. As a result, we continue to see a growing number of shoppers seeking alternate channels for their next vehicle, such as the secondary lease transfer marketplace.”

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.