CINCINNATI, Ohio – Swapalease.com, a car lease marketplace, reports car lease credit applicants registered a 70.8% approval rate in February. The approval rate is a slight increase from the 68.3% approval mark that opened up the new year in January. The February number is just off slightly from the same time last year, when the approval rate was at 72.3% right before the beginning of the pandemic. The steady numbers indicate consumer credit levels are also holding steady, perhaps as a continued sign of the ongoing stimulus relief provided by the government.
The latest and recently signed stimulus package, combined with the accelerated momentum we’re seeing with vaccine rollouts should further strengthen the outlook for credit in the months ahead.
According to recent Federal Reserve data, consumer borrowing decelerated again in January, which may suggest that Americans are using the latest stimulus checks to pay down debt. Total consumer credit decreased $1.3 billion In January, the Fed said. That’s an annual decline at a 0.4% rate and follows a 2.5% gain in the prior month.
Swapalease.com believes many of its site visitors and vehicle shoppers have solid credentials available to take over a person’s vehicle lease. The inclination to have more flexibility through leasing amidst economic uncertainly may contribute to a rise in shoppers who are looking to lease vehicles through the secondary market, where lease payments are more attractive than what is currently offered at the dealership.
“Given that the year has started out with credit-stability figures that were maintained throughout the third and fourth quarters, we believe in the short term this stability will continue,” said Scot Hall, Executive Vice President of Swapalease.com. “The latest and recently signed stimulus package, combined with the accelerated momentum we’re seeing with vaccine rollouts should further strengthen the outlook for credit in the months ahead.”
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 thousands of cars and trucks available for transfer to anywhere in the continental U.S.