About 68.8% of the people that applied for leases in June were approved, a 20% improvement over the month before, according to car lease marketplace Swapalease.com.
About 68.8% of the people that applied for leases in June were approved, a 20% improvement over the month before, according to car lease marketplace Swapalease.com.
One factor that might have contributed to this reduction, the company noted, was a smaller percentage of shoppers applying for higher-end luxury cars, a segment which typically drives up non-approval rates.
“As our lease credit approvals have continued to experience volatility from month to month, we’re beginning to have a better understanding as to why,” said Scot Hall, EVP of Swapalease.com. “We have a greater diverse set of cars and trucks in our marketplace today compared with five or 10 years ago, and this means that we are experiencing more volatility in approvals from month to month depending on the volume and deals offered by certain tiers of vehicles.
As has been the case for much of the year, car buyers are continuing to flock to smaller SUVs and crossovers.
New-vehicle affordability declined in April to the worst level yet this year as the bite of higher prices and lower incentives reversed an improving trend.
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The arrangement accesses cloud-based software designed to help financial institutions keep track of their vehicle and asset collections and limit repetitive clunky tasks.
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CAR 2023: Politics may be tough territory, but trade groups that build bridges in Washington, D.C. are less likely to get eaten at the regulatory table.
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Auto finance companies and remarketers should prepare to navigate a more active regulatory environment this year from the CFPB and FTC.
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Used financing increased 2.4% year-over-year and reached 55.15% in the third quarter of 2019.
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Several manufacturers offered attractive discounts and competitive pricing on compact cars and SUVs, while most luxury and full-size vehicle brands maintained their lease prices.
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The Federal Reserve announced a quarter-point interest rate reduction yesterday, its third such move this year. The target federal funds rate now stand at 1.5% after starting the year at 2.25%.
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Cox Automotive’s chief economist, Jonathan Smoke, said he didn’t expect the Fed’s latest move to match the impact of the July cut for auto manufacturers or dealers.
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Swapalease.com, a car lease marketplace, reports car lease credit applicants registered a 69.1% approval rate in July, a rise from the June rate of 65%.
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Federal Reserve Chairman Jerome Powell officially announced a widely expected cut to the federal funds rate yesterday, dropping the central bank's target by a quarter-point to 2%.
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