Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit approvals are lower again after a hike in February levels. Auto lease credit approvals for the month of March finished at 66.7%, down from the February mark of 70%.
Lease credit approvals may be falling back into the trend of late 2015, with lower approval percentages. While the monthly lease approvals are up 0.6% from a year ago, in comparison to the previous month, credit approvals have taken a slight dip.
“We think consumer credit remains generally healthy in the broader picture, and we’re more than likely experiencing the normal ups and downs of a healthy market,” said Scot Hall, Executive Vice President of Swapalease.com. “As always, we’ll continue to keep a watchful eye on this latest dip, particularly against recent data that shows interest in vehicles may be peaking.”
Although consumer confidence is currently exceeding the forecasted percentage for the month, the percentage of consumers who said that they would be buying a vehicle also slipped 1.6% from last month as reported in Bloomberg recently. This, mixed with a recent increase in gas prices, could mean a peak for auto sales in 2016.