Swapalease: Lease Approvals Up

By Staff Writer October 12, 2020

Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 67.6 percent approval rate in September, a slight increase from the August rate of 67.1 percent.

September experienced a slightly higher number of applicants with qualifications for taking over another person’s lease contract and one of the highest approval rates for the entirety of 2020. However, the number of lease approvals is relatively low for September when compared to 72.9 percent approved applicants in 2019 and 69.8 percent in 2018.  This comes as no surprise considering market fluctuations related to the COVID-19 pandemic.

Lease approval ratings have been relatively consistent since March 2020, with slight fluctuations and a dramatic dip in April. Approval ratings registered at 69.3 percent in March and 63.8 percent in April.

“As we have moved deeper into 2020 we’re seeing growing confidence in car shopping from the consumer, but they’re still looking to either escape or downsize their lease and find an affordable means of transportation with a shorter financial commitment,” said Scot Hall, Executive Vice President of Swapalease.com. “Shopping has continued to increase slowly month over month, and we anticipate there may be a slight shift in spending habits once again as the holiday season approaches.”

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Last modified on Monday, 19 October 2020 14:14