Lease Credit Approvals Fall Below 50% in Septemer

Lease credit approval fell to 47.6% in September, the lowest percentage of the year and a noticeable drop from the 68.3% that was reported in August, according to car lease marketplace Swapalease.com.

The company credits the effects of Hurricane Harvey and Irma as the main culprits behind the month’s low numbers.

“Following the destruction of the hurricanes that hit the U.S. in September, many consumers have been more focused on recovering from the storms, including vehicle replacements,” said Scot Hall, executive vice president of Swapalease.com. “We expect these numbers to even out in the coming months as auto shopping returns to a more normal environment heading into the end of the year.”