Lease Approval Rates Register 70.9% in October

Lease credit applicants registered a 70.9% approval rate in October on Swapalease’s marketplace, according to a company announcement.

The 70.9% lease approval rate on the Swapalease marketplace was a slight increase from the 69.8% approval rate registered in September, but was a significant improvement over the 55.6% approval rate that was registered in October 2017.

“Our lease approval rate continues to hover near market-healthy levels, especially as the continued strong economy helps with lease approvals,” said Scot Hall, EVP at Swapalease.com.

Lease approvals have been slowly increasing since January, according to Swapalease.

Approval rates dipped in May and September, but have been better on a year-over-year basis for most of the year. The approval rate in October was just below the highest approval rating of 2018, which was in August when lease approval ratings registered at 72.6%.