Lease Credit Approvals Reached 69.9% in May; Down Slightly from 70.7% in April
CINCINNATI, OHIO (June 8, 2021) – Swapalease.com, the nation’s largest 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 reigning 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.
Swapalease.com believes many of its site visitors and vehicle customers have solid credentials available to take over a person’s vehicle lease. The stability to have more flexibility in leasing through economic uncertainly may contribute to an increase in shoppers looking to lease vehicles through the secondary market – where lease payments are much more appealing than what’s currently offered at a dealership.
“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.”
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.
Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.