2016 SEES LOWEST LEASE CREDIT APPROVAL RATES IN THE LAST THREE YEARS

Lease Credit Approvals Rates Remain Below 70% in 2016

Cincinnati, OH (October 13, 2016)

Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 64.7% approval rate for September, a notable increase from the previous month (57.7%). A year ago the approvals rate reached 80.0% during the same month.

2016 lease credit approvals have been mostly on the decline, as well as volatile, from month to month. This year’s totals are down compared to last year, mostly due to the rising number of overall applicants, which tends to result in a larger number of non-approvals. In fact, lease credit approvals have yet to exceed 70% in any month this year.

“The larger number of non-approvals may seem like we should be sounding the alarms, but it’s a reflection of a large number of overall applicants due to the continued high interest in leasing,” said Scot Hall, Executive Vice President of Swapalease.com. “While the industry itself has reached a plateau for sales activity, leasing overall will continue to remain near record-highs in the foreseeable future.”

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.