Lease credit approval fell to 47.6% in September, the lowest percentage of the year and a noticeable drop from the 68.3% that was reported in August, according to car lease marketplace Swapalease.com.
Lease credit approval fell to 47.6% in September, the lowest percentage of the year and a noticeable drop from the 68.3% that was reported in August, according to car lease marketplace Swapalease.com.
The company credits the effects of Hurricane Harvey and Irma as the main culprits behind the month’s low numbers.
“Following the destruction of the hurricanes that hit the U.S. in September, many consumers have been more focused on recovering from the storms, including vehicle replacements,” said Scot Hall, executive vice president of Swapalease.com. “We expect these numbers to even out in the coming months as auto shopping returns to a more normal environment heading into the end of the year.”
New-vehicle affordability declined in April to the worst level yet this year as the bite of higher prices and lower incentives reversed an improving trend.
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The arrangement accesses cloud-based software designed to help financial institutions keep track of their vehicle and asset collections and limit repetitive clunky tasks.
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Auto finance companies and remarketers should prepare to navigate a more active regulatory environment this year from the CFPB and FTC.
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Used financing increased 2.4% year-over-year and reached 55.15% in the third quarter of 2019.
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Several manufacturers offered attractive discounts and competitive pricing on compact cars and SUVs, while most luxury and full-size vehicle brands maintained their lease prices.
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The Federal Reserve announced a quarter-point interest rate reduction yesterday, its third such move this year. The target federal funds rate now stand at 1.5% after starting the year at 2.25%.
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Cox Automotive’s chief economist, Jonathan Smoke, said he didn’t expect the Fed’s latest move to match the impact of the July cut for auto manufacturers or dealers.
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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%.
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Federal Reserve Chairman Jerome Powell officially announced a widely expected cut to the federal funds rate yesterday, dropping the central bank's target by a quarter-point to 2%.
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