Lease Approval Ratings Have Remained Steady Since April

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

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% approved applicants in 2019 and 69.8% 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% in March and 63.8% in April.

“As we have moved deeper inter 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.”

Swapalease.com matches a person wanting out of their existing vehicle lease contract with a car shopper looking to take over a short-term vehicle lease. The marketplace has several thousands of cars and trucks available for transfer to anywhere in the continental U.S.