Lease Credit Approval Rates Rise

By Staff Writer January 13, 2021

Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 72.7 percent approval rate in December. The approval rate is significant considering approval ratings hit a low of 63.8 percent in April, the lowest rate reported since January of 2018.

Scott Hall VP of operations for Swapalease.com

With the holiday season being an optimal time to buy or lease a vehicle, it is no surprise that approval ratings saw an increase in December. According to Experian’s State of the Automotive Finance Market Report, in the second quarter of 2020, nearly 26 percent of new vehicles were leased. While this number is down from pre-pandemic levels, Swapalease.com believes many of its site visitors have solid credentials available to take over a person’s vehicle lease.

December has historically turned out a higher lease credit approval rating, likely due to end of year sales and lease deals. In December of 2019, 72 percent of applicants were approved to take over another person’s lease, and in December of 2018, 71.4 percent of applicants were approved.

“The automotive industry took a hard hit in early 2020, especially as stay-at-home mandates were implemented and businesses were temporarily shut down,” said Scot Hall, executive vice president of operations at Swapalease.com. “We’ve continued to see slight increases month-over-month since May, and we’re optimistic at the outlook for the 2021 calendar year.”

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Last modified on Thursday, 21 January 2021 14:24