Retail leasing applicants registered a 70% approval rate on Swapalease during April, a 10% increase from the same time last year, the company announced.
The move was largely attributed to an increase in the number of applicants on its site.
The 70% approval rate during April was somewhat of an abnormality, according to Swapalease. Lease approval rates are statistically lower during the month; however, approval rates have been steadily growing through most of 2018.
The average approval rate through the first four months of the year is 65.5%.
“Lease credit approvals continue to show more stability as we move through spring and into the summer months,” said Scot Hall, executive vice president of Swapalease.com. “We attribute much of this stability to an increased number of applicants who are shopping on the site and looking for attractive deals they may not be finding at dealerships. With a still strong economy, we’re seeing a larger number of credit-qualified applicants going through the system.”