Lease credit approvals reached 68.3% in August, a 14% increase from the previous month and an 11% increase from the same time last year, according to lease marketplace Swapalease.
This rate, the company noted, was just shy of what is considered to be a “healthy” industry lease approval rate of 70%.
One factor largely attributed to the approval rate increase during August was a boost in consumer confidence.
“A boost in consumer confidence can have a positive impact on the automotive industry,” said Scot Hall, executive vice president of swapalease.com. “August’s numbers are hopefully the beginning of an upward trend in the amount of lease credit approvals we will see for the rest of 2017.
Swapalease noted that it will be keeping an eye on lease transfer activity in the Texas area as the damage caused by Hurricane Harvey in Houston is expected to spur an increase in customers applying for leases to replace their water-damaged vehicles.