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.