LEASE CREDIT APPROVAL RATES BOUNCE BACK IN AUGUST

Approval Rates Climb 25.7% In the Last Month; Activity Rose Even Before Harvey Forced Vehicle Replacement Decisions

Cincinnati, OH (September 13 2017)

Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 68.3% approval rate for August, just shy of the “healthy” mark at 70%.

The credit approval rate for August saw a noticeable improvement from last month’s rate of just 54.3%. In more complete context, a year ago the approvals rate was much lower, reaching only 57.7% this time last year.

The jump in approvals more than likely came before Hurricane Harvey affected Texas and surrounding regions. This increase in lease credit approvals is likely due to a rise in consumer confidence, which has remained strong in the current economy. The consumer sentiment index rose to its highest level since January during the month of August according the Consumer Confidence Survey.

“A boost in consumer confidence can have a positive impact on the automotive industry,” said Scot Hall, Executive Vice President of Swapalease.com. “August’s numbers are hopefully the beginning of an upward trend in the amount of lease credit approvals we will see for the rest of 2017.”

As an increasing number of Texas residents in particular look to replace their damaged or destroyed vehicles, Swapalease.com will keep its eye on lease transfer activity in and around the surrounding region.

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.