LEASE CREDIT APPROVAL RATES RISE TO 72.3% ENTERING MARCH
Online Credit Applications Increase as Shoppers Seek Alternative Means of Vehicle Acquisition
Cincinnati, OH (March 20, 2020)
Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 72.3% approval rate in February, an increase from the January rate of 70%. The desire to have more flexibility in a lease has continued to be a primary driver for more people to seek vehicle leases with shorter terms that they can afford on secondary markets such as Swapalease.com.
According to a recent article from BHPH Report, dealers that have begun making credit applications conveniently available to shoppers online have also seen a spike in credit applications.
February experienced a slightly higher number of applicants with qualifications for taking over another person’s lease contract during the month and a higher approval rating. February saw a slight increase in approval ratings in comparison to February 2019, where only 65.9% of lease applicants were approved. In February of 2018, 65.2% of applicants were approved.
February data showed that 72.2% of applicants were approved in February 2017, and 70% were approved in February 2016.
"We are seeing an increase in the number of applicants looking to take over another person’s lease in February, as shoppers have been seeking alternative outlets like Swapalease.com to find vehicles with terms that suit their unique and personal needs," said Scot Hall, Executive Vice President of Swapalease.com. "Shoppers want faster credit decisions and vehicle options available to them, right at their fingertips from the convenience of their own home. We will closely monitor how these trends evolve with COVID-19 on everyone’s minds these days."
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 thousands of cars and trucks available for transfer to anywhere in the continental U.S.
About Swapalease.com:
Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.
