Lease Approvals Dip Slightly

By Staff Writer June 10, 2021

Swapalease.com, a national car lease marketplace, reports car lease credit applicants registered a 69.9% approval rate in May. The approval rate is a very small decrease from the 70.7% approval rate in April.

The May number, although lower than last month's rate, is higher than the same time last year, when the approval rate was at 68.6% right at the beginning of the pandemic. The steady, incremental increase indicates consumer credit levels are also holding steady as many households continue to receive stimulus relief provided by the government.

As opposed to consumer borrowing, many are utilizing stimulus checks toward paying debt. With consumers reining in their credit usage as well as lowering revolving debt, Americans have more confidence to go out and take over someone else’s vehicle lease.

“Credit strength continues to stabilize due to the figures maintained throughout the first half of 2021 and we believe this will only continue into the second half,” said Scot Hall, executive vice president of Swapalease.com. “Because Americans are either saving or paying down debt with their government stimulus money, consumer credit confidence will ultimately continue to grow leading to larger spending in future quarters.”

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Last modified on Monday, 14 June 2021 18:15