Swapalease.com, a car lease marketplace, reports car lease credit applicants registered a 69.1% approval rate in July, a rise from the June rate of 65%. July experienced a strong number of applicants with qualifications for taking over another person’s lease, and a slight approval rating increase following a dip in approvals for June.
July saw a slight decrease in approval ratings from 2018, as 71.2% of lease applicants were approved last July. However, the month remained strong considering only 54.3% of applicants were approved in July of 2017, and 58.3% were approved in July of 2016.
Since January, lease approval ratings have seen some fluctuations but has remained fairly consistent. The average approval rating since January registered at 68.9%, just slightly below the historical “normal” average of 70%. The strong number of applicants perhaps was reflective of the recent strength in consumer confidence reported by The Conference Board.
“We expect to see an increase in applicants looking to take over another person’s lease in the upcoming months as uncertainty surrounding a potential economic slowdown sets in,” said Scot Hall, Executive Vice President of Swapalease.com. “Consumers are utilizing websites like Swapalease.com to find a vehicle now, knowing they can obtain an affordable lease at monthly payment rates that are a little lower than what they’re finding at a dealership.”
Swapalease.com matches a person wanting out of their existing vehicle lease contract with a car shopper looking to take over a short-term vehicle lease. The marketplace has several thousands of cars and trucks available for transfer to anywhere in the continental U.S.