Lease credit approval ratings came in at 55.6% in October, an improvement over the 47.6% approval rating registered the month before, according to data from Swapalease.com.
The website credited consumer confidence with a large role in propelling that number upward last month. The increase in consumer confidence, the website added, could mean good news for auto lease approval rates for the remainder of the year.
“We’re hopeful that the lease credit approval rate will continue to increase as we close out the year,” said Scott Hall, executive vice president of Swapalease.com. “However, we’ll certainly keep an eye on these trend as end-of-year sales and incentives may draw more than average shoppers, which could bring back the credit approval fluctuations.”