auto dealer in black and red logo
MenuMENU
SearchSEARCH

Lease Swap Approval Rates Rise to 69.1% in July

Lease approval ratings improved in July following a slight dip in June, according to the latest report from Swapalease.com.

August 16, 2019
Lease Swap Approval Rates Rise to 69.1% in July

 

1 min to read


CINCINNATI — Swapalease.com, a car lease marketplace, reports car lease credit applicants registered a 69.1% approval rate in July, a rise from the June rate of 65%. July experienced a strong number of applicants with qualifications for taking over another person’s lease, and a slight approval rating increase following a dip in approvals for June.

July saw a slight decrease in approval ratings from 2018, as 71.2% of lease applicants were approved last July.  However, the month remained strong considering only 54.3% of applicants were approved in July of 2017, and 58.3% were approved in July of 2016.  

Since January, lease approval ratings have seen some fluctuations but has remained fairly consistent. The average approval rating since January registered at 68.9%, just slightly below the historical “normal” average of 70%. The strong number of applicants perhaps was reflective of the recent strength in consumer confidence reported by The Conference Board.

“We expect to see an increase in applicants looking to take over another person’s lease in the upcoming months as uncertainty surrounding a potential economic slowdown sets in,” said Scot Hall, Executive Vice President of Swapalease.com.  “Consumers are utilizing websites like Swapalease.com to find a vehicle now, knowing they can obtain an affordable lease at monthly payment rates that are a little lower than what they’re finding at a dealership.”

More Auto Finance

Industryby StaffAugust 15, 2024

The Risk When the Customer Is Not in the Dealership

Take this series of steps to help protect your business from fraud by this method.

Read More →
F&Iby StaffAugust 13, 2024

Auto Loan Access Keeps Falling

July conditions tighter for consumers despite average loan rate decline.

Read More →
F&Iby StaffAugust 12, 2024

Dealers Wary of AI in Auto Finance

Poll shows growing aversion to technology’s accelerating part in process.

Read More →
Ad Loading...
Auto FinanceJuly 25, 2024

Is the Death Knell Being Sounded for Dealer Financing?

There appears to be a regulatory target on auto dealer-provided loans.

Read More →
Industryby StaffJuly 24, 2024

Ferrari Calls Cryptocurrency Foray a Success

Carmaker will add the payment options in its European dealerships this month after introducing it in the U.S. last year.

Read More →
Industryby StaffJuly 16, 2024

New-Vehicle Affordability Is Up

June conditions, including best average loan rate in a year, make buying more likely.

Read More →
Ad Loading...
Industryby StaffJuly 12, 2024

Pandemic-Era Prices Affect Trade-Ins

New buyers, especially those with EV trade-ins, are feeling the brunt of depreciation as market normalizes.

Read More →
Industryby StaffJuly 1, 2024

Auto Credit Crunch Tightens

Borrowers taking on more debt, moving many into delinquent territory.

Read More →
Auto Financeby StaffJune 19, 2024

New Cars Within Easier Reach

Affordability metrics improved in May as lending costs ebbed, finances flowed more freely.

Read More →
Ad Loading...
Auto Financeby Hannah MitchellJune 13, 2024

A Good Deal

Rising auto loan delinquencies, though bad news, could be another opportunity for agents to help dealers come down from pandemic highs.

Read More →