CAR LEASE CREDIT APPROVALS SHOW PATTERNS SIMILAR TO CONSUMER CREDIT TRENDS

December Federal Reserve Numbers Show Consumers Are Expanding Credit Activity

Cincinnati, OH (Feburary 11, 2014)

Swapalease.com, the nation’s largest car lease marketplace, reports lease credit approvals during the month of January were at 70.5%, down from the 73.3% level in December of 2013. The credit approval levels have witnessed some recent turbulence, going as high as 73.3% and dropping as low as 62.9% in September of 2013.

The credit approvals rate over the last six months stands at 71.6%, with the approval rate over the last twelve months little changed at 71.8%. Swapalease.com considers 70% to be healthy for the lease transfer marketplace.

Consumer credit continues to expand among American shoppers. Reuters recently reported that total consumer credit increased to $3.1 trillion in December, a jump of $18.8 billion according to the Federal Reserve. Economist polled by Reuters expected consumer credit to increase by $12 billion. Non-revolving credit, which includes auto loans, increased $13.8 billion during December.

“Our lease credit approval trends affirm what the Federal Reserve is reporting on broader credit trends,” said Scot Hall, Executive Vice President of Swapalease.com. “As more consumers expand their use of credit, combined with a larger number of customers applying for transfer, we’re seeing a larger number of both approvals and non-approvals reported by our finance partners.”