Lease Approvals Increase

By Staff Writer June 19, 2020

Swapalease.com, a car lease marketplace, reports car lease credit applicants registered a 68.6 percent approval rate in May, a significant increase from the April rate of 63.8 percent. The increase is likely related to an influx of online shoppers who are seeking alternative means of vehicle acquisition during COVID-19, according to Swapalease. Shoppers continue to seek out online marketplaces in lieu of dealership visits.

Secondary markets, such as Swapalease.com provide automotive shoppers with feasible alternative solutions that fit their current lifestyle, which may be altered by shelter in place or work from home arrangements.    

Despite unusual circumstances lease credit approval rates have remained stable when compared to data from the month of May in 2019 and 2018. In 2019, 72.4 percent of applications looking to take over someone else’s lease were approved. In May of 2018, only 67.9 percent of applicants were approved.

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Last modified on Friday, 19 June 2020 13:37

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