CAR LEASE CUSTOMER CREDIT APPROVALS LEVEL OFF IN OCTOBER

36% More Applicants in Second Half of 2013 Brings More Non Approvals

Cincinnati, OH (November 19, 2013)

Swapalease.com, the nation’s largest car lease marketplace, reports credit approvals were relatively unchanged in October compared with the previous month. The year-to-date approvals for customer credit finished October at 72.8%, compared with September levels of 72.7%.

The current rate shows a marked improvement over last year’s percentage, when 64.4% of approvals were processed through the end of October, 2012. A 70% approval rating is considered healthy on the Swapalease.com marketplace. The small monthly improvement in October reverses a three-month trend where the credit approval rating had slipped from a high of 75.6% in July. What's more, October approvals alone were registered at 73.7%, compared with 70.0% during October, 2012.

“We anticipated an eventual rebound in credit approvals, especially since car leasing has grown throughout the year,” said Scot Hall, Executive Vice President of Swapalease.com. “We fully expect to see the balance of the year show continued trending that supports healthy approvals patterns as we head into 2014.”

One clear reason why the approvals numbers have fallen compared with the beginning of the year is the fact that more people are going through the approvals process in general. A total of 36% more applicants have gone through the approvals process over the last five months, compared with the first five months of 2013. This sharp increase in total number of customers will often result in an increased number of people not being approved for credit.

www.swapalease.com is the first and only full-service online marketplace of in-process vehicle leases. With the goal of matching individuals who are currently leasing vehicles they wish to get out of, with individuals who are looking for short-term leases with attractive payments and no money down, it’s the perfect way to find the perfect vehicle for you.

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