Lease Credit Approvals Reached 67.6% in September; Down from 71.3% in August  

Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 67.6% approval rate in September. The approval rate is a slight decrease from the 71.3% rate in August.    

The September number is similar to the approval rate at the same time last year, when the approval rate was also at 67.6% after a few months of the pandemic setting in. Despite the small decline Swapalease.com executives believe the level of consumer credit continues to hold steady this year. Furthermore, overall vehicle shopping activity has been relatively stable along with the broader economy. 

As consumers continue to increase their credit standings by paying down debt, Americans are now contemplating upgrading personal items including cell phones, computers and vehicles to new models. However, instead of going into car dealerships, customers are searching sites like Swapalease.com for inventory that may not be available in a traditional dealership setting.   

“Since credit strength continues to rise due to the figures maintained throughout the year, lease credit approvals also continue to stabilize,” said Scot Hall, Executive Vice President of Swapalease.com. “Consumer confidence is relatively strong as many households were able to save money while also paying down revolving debt over the last year-and-a-half.”  

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.   

About Swapalease.com:    

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.   

Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 70.0% approval rate in July. The approval rate is an increase from the 67.6% rate in June.   
  
The July number is also higher than the approval rate at the same time last year, when the approval rate was only at 65.1% after a few months of the pandemic setting in. The increase indicates consumer credit levels are also holding steady as more people are vaccinated from COVID-19. Additionally, households continue to save stimulus relief provided by the government.  
  
As opposed to consumer borrowing, many are utilizing their savings accrued during the pandemic toward paying debt. With consumers reigning in their credit usage as well as lowering revolving debt, Americans are now looking to upgrade their vehicles to a newer model but are searching channels such as Swapalease.com for inventory that may not be readily available at a dealership. 

  
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 offered at a dealership.   
  
“Since credit strength is continuing to stabilize due to the figures maintained throughout the third and fourth quarters, lease credit approvals slightly decreased during the months of May and June,” said Scot Hall, Executive Vice President of Swapalease.com. “Since Americans were either saving or paying down debt with their government stimulus money, consumer credit confidence ultimately grew. This has led to an increase in credit approvals during the month of July – hinting at 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.   

About Swapalease.com:    
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.   

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Expanded F&I Options Online, Increased Used Vehicle Sales Play a Larger Role in F&I Transactions Today

CHESTERFIELD, MO (June 9, 2021) – Protective Asset Protection, a leading provider of F&I programs, services and dealer owned warranty company programs, announced the results of its latest industry survey today, which illustrates how the pandemic impacted the sales of F&I products both online and at the dealership. The survey also addresses the increased role of digital retailing along with an increased shift in consumer demand for used vehicles.

Protective Asset Protection commissioned an online survey during March 2021 and took the pulse of nearly 500 F&I and dealership executives across the U.S. According to the feedback, approximately a quarter of respondents said the sale of F&I products to customers has increased between 5% - 10% so far in 2021 compared with 2020.

The pandemic created an opportunity for dealers and their F&I departments to offer more digital tools when customers are researching and selecting F&I product options for the vehicles they are shopping for. Forty-five percent of dealers now make F&I product information available online, followed by financing options/loan application online (35%), and F&I product selection and pricing online (33%).

Other key highlights of the F&I product survey:

• 44% say the ability to adjust products offered based on a customer’s needs are most needed to sell F&I products online; followed by the ability for customers to select product and coverage options (41%), and online tools like videos to explain product benefits (38%).

• 42% say increased coverage for existing protection products such as VSCs would be the most impactful to improving F&I product sales; followed by a more diverse set of F&I product options (41%), and more F&I products designed specifically for used vehicles (37%).

• 38% say selling F&I along with increased transaction prices represent the biggest opportunities in selling F&I products today versus pre-pandemic; followed by longer loan terms (37%), and more EV/plugin sales (36%).

“With a greater emphasis on digital retailing, online shopping, used vehicle and EV/hybrid product sales, a larger number of dealers are looking for ways to maximize their opportunities in offering F&I products that cater to these shopper needs,” said Rick Kurtz, Senior Vice President – Distribution, Protective Asset Protection. “Expanded F&I product lineups, customized product offerings and additional F&I product education for both the dealer and their customers are all growing in importance for today’s transaction environment.”

ABOUT PROTECTIVE ASSET PROTECTION

Protective Asset Protection provides vehicle protection plans, limited warranty programs, GAP, and ancillary products through vehicle dealerships. Protective Asset Protection has been serving dealers for more than 55 years and currently provides products and services to automobile, marine, RV and powersports dealers. Protective Asset Protection is part of the financial services holding company, Protective Life Corporation. For more information about Protective Asset Protection call 800-323-5771, or visit www.ProtectiveAssetProtection.com.

ABOUT PROTECTIVE LIFE CORPORATION

Protective Life Corporation (Protective) provides financial services through the production, distribution and administration of insurance and investment products throughout the U.S. Protective traces its roots to its flagship company, Protective Life Insurance Company – founded in 1907. Protective’s growth and success can be largely attributed to its ongoing commitment to serving people and doing the right thing – for its employees, distributors, and most importantly, its customers. Protective’s home office is located in Birmingham, Alabama, and its 3,500-plus employees work across the United States. As of December 31, 2020, Protective had assets of approximately $127 billion. Protective Life Corporation is a wholly owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750). For more information about Protective, please visit www.Protective.com.

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Media Contact:
John Sternal
Merit Mile
954-592-1201

Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 72.9% approval rate in March. The approval rate is a slight increase from the 70.8% approval mark in February.  
 
The March number is also higher than the same time last year, when the approval rate was at 69.3% 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 to pay down debt. With consumers reigning in their credit usage as well as lowering revolving debt, Americans have more confidence to go out and shop for a new vehicle.  
 
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 in leasing through economic uncertainly may contribute to an increase in shoppers looking to lease vehicles through the secondary market – where lease payments are many times more appealing than what’s offered at a dealership.  
 
“Credit strength continues to grow due to the stable figures maintained throughout the third and fourth quarters and we believe, in the short term, this will only continue,” 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.  

About Swapalease.com:   
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.    

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Swapalease.com, the nation’s largest car lease marketplace, announced today it has launched a Used Lease Swap program that makes it easier for drivers of used leases to exit their lease contract by finding someone else to take over the remaining portion of the lease. 

Demand for used and certified pre-owned vehicles are increasingly in more demand as the industry continues to struggle with supply of new cars and trucks due to the semiconductor chip shortage. Manufacturers are also looking to cater to consumer demand, which is constantly interested in a monthly payment-centric method of shopping for a vehicle. As such, several manufacturers over the last few months have begun testing pilot programs for leasing used and certified pre-owned cars and trucks. 

Lease payments are typically smaller compared when financing the vehicle because the driver is only paying for the portion of the vehicle they agree to use. This is important because used vehicle prices increased 3.74% in the first half of March compared with average prices during all of February, according to Cox Automotive’s Manheim Used Vehicle Value Index1.  

“Our Used Lease Swap program goes a step above some of today’s innovative leasing programs because it introduces even more flexibility into the needs of today’s driver,” said Scot Hall, Executive Vice President of Swapalease.com. “It’s great that the industry is looking at ways to bring about more certified pre-owned lease options, but even after you sign on the dotted line, regardless if it’s a new or used car, life changes happen and we want to give people more freedom and flexibility to change their driving needs at a moment’s notice.” 

Swapalease.com’s Used Lease Swap program works similar to its initial swap program for original lease contracts. A person lists their lease on the website and finds a match for a second individual who agrees to take over the unused portion of the lease contract.   

About Swapalease.com:  

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. 

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1: https://www.usatoday.com/story/money/cars/2021/03/26/used-car-prices-chip-shortages-semiconductors/6970252002/ 

While Many Lease Payments Hold Steady, Some Brands Decrease Monthly Rates While Others  
Test an Increase in Rates 

Wantalease.com, the nation’s first online car lease marketplace for new lease deals, reports the latest update on new lease offerings for the month of February. Many lease payments are holding steady from January to February. However, there are a few car brands continuing to lower monthly rates while others increase their rates. 

Like last month, both Honda and Toyota are continuing to decrease leasing payments. The largest decreases for the month included the Honda Civic with an -11.16% decrease, the Toyota RAV4 with a -6.84% decrease, and the Honda Pilot with a -5.38% decrease. The Honda Civic is offered at $159 per month, the RAV4 is offered at $189 per month, and the Honda Pilot is offered at $309 per month. 

The largest lease increases include the Acura MDX, with a 15.48% increase from January, the Audi A3 with a 13.16% increase, and the Chevrolet Silverado truck with an 8.60% increase. The Acura MDX is listed at $469 per month, the Audi A3 is listed at $369 per month, and the Chevrolet Silverado is listed at $299 per month. 

“While there were a few large increases and decreases in lease rates from January to February, most vehicle leasing payments stayed relatively steady,” said Scot Hall, Executive Vice President of Wantalease.com. “It will be interesting to see what changes in the industry as more Americans begin to receive their stimulus.” 

Currently, both the Honda Civic and the Ford Focus are priced the lowest of all leases coming in at just $159 per month. The Nissan Sentra's leasing rate held steady from last month and is listed at $169 per month. 

Other slight lease increases include the Nissan Altima with a 3.37% increase and the BMW X5 M50i with an additional increase from last month. The Nissan Altima is now offered at $229 per month and the BMW X5 M50i is now offered at $1,069 per month. 

Wantalease.com is a sister marketplace to Swapalease.com, the nation’s largest online marketplace for leases.  

MARKET SCAN CONSUMER SURVEY EMPHASIZES THE IMPORTANCE OF OFFERING CONSISTENT PAYMENT QUOTES DIGITALLY AND IN THE SALES SHOWROOM

Consumer interest drops dramatically when showroom offers are just $50 different from what consumer was quoted online  

Market Scan Information Systems, Inc., an industry-leading automotive SaaS / PaaS solutions and data provider, today announced results from a recent consumer survey it completed focused on consumer behavior associated with automotive digital retailing. The survey highlights frustrations, expectations and provides valuable insight on how sales opportunities are lost when payment offers online differ from payments presented at a dealer’s showroom.

Market Scan commissioned an online survey during January, where it polled roughly 200 automotive shoppers on their pain points associated with the digital retailing process. The survey also took a pulse check on how payments and offers are being presented to consumers today.

Price and payment negotiation remain among the most important aspects of the car shopping experience for consumers. The survey showed that nearly half of all respondents (45%) say price and payments matter to them the most.

The disconnect between shopping online and the experience at a dealer showroom remains a major headache for many. In fact, when it comes to online shopping, 49% said they need to restart the entire process when they arrive at the dealership after doing all their homework online, ahead of time. Furthermore, 43% are frustrated that there are still discrepancies between the online offer, and the one they are presented with at the dealership.

Why does this matter? 21% of shoppers say they begin to lose trust in their dealer when the discrepancy between the online offer and showroom offer is $50 or less per month. In parallel, 21% said they will actually walk away from the deal if the discrepancy is $50 or less per month and 48% said they will walk if the difference is less than $75 per month.

Dealers should recognize that this does not mean technology will force a race to the bottom. In fact, consumers said they may be willing to pay a little extra for the convenience of a true online shopping experience. Just over a third (34%) said they would sacrifice a little negotiating power to offset additional costs required for an ideal online shopping process that transitions seamlessly to the showroom experience. 

“Prompted by COVID-19, digital retailing proficiency has become a must and an integral part of automotive retailing”, said Rusty West, President and CEO of Market Scan. “Dealers now must have an omni-channel presence and it is imperative that they provide consumers payment transparency and consistency throughout the entire journey. The survey results emphasize the importance of providing a scientifically perfect solution for any conceivable automotive transaction. When science, technology, data and automotive insight are applied correctly, it enables manufacturers, lenders, and retailers to provide consumers a frictionless, modern retailing experience – both online and in the dealer sales showrooms. And when that happens, everyone wins.”

To learn more about Market Scan, visit www.marketscan.com

SWAPALEASE.COM RELEASES LATEST FIGURES ON LEASE CREDIT APPROVALS SHOWING SLIGHT INCREASE FOR FEBRUARY 

Lease Credit Approvals Reached 70.8% in February; Up Slightly from 68% in January 

Swapalease.com, the nation’s largest 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.  

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.

About Swapalease.com:  

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. 

              Tesla and BMW Continue to Steal Marketshare from High-End Competitors

 Swapalease.com, the nation’s largest car lease marketplace, unveiled today its lease trends report from the fourth quarter of 2020, offering insight and perspective into the auto lease trends shaping today’s automotive retail and consumer preferences. Click here to download the report.

The report looks at vehicle lease payment, term, shopping consideration and driver preference trends within vehicle leasing in the fourth quarter of 2020. Among the most notable trends, consumer searches for Tesla vehicles on the Swapalease.com marketplace increased 55% over the last twelve months, among the largest increases by any brand in recent history for the marketplace.

“The consumer demand for Tesla is very real, and while Tesla doesn’t have a traditional retail network, the vehicle’s makeup positions it perfectly for a lease environment,” said Scot Hall, Executive Vice President for Swapalease.com. “As it’s in the luxury category, many drivers enjoy the ability to lease rather than finance a Tesla. Furthermore, drivers feel the battery technology is improving at a rapid rate and enjoy the ability to change or upgrade every few years.” 

The report also illustrates where BMW’s percent of total traffic reached 19% during the fourth quarter, up from 17% during the third quarter. Conversely, Mercedes-Benz declined from 8% down to 7% during the same time period.

Other foreign brands such as Honda, Acura, Nissan and Infiniti also continue to see falling search numbers in the marketplace. While these brands have traditionally experienced higher-than-average lease rates, they continue to experience lower-than-average search traffic and demand in the marketplace due to their unfavorable lease and lease transfer policies.

According to the report, Americans paid an average of $519.46 per month on their leases during the 4th quarter, down from $521.90 in the 3rd quarter. The report also shows that the average incentive has dropped from $583.65 in the 3rd quarter down to $545.66 in the 4th quarter.

For a look at the lease trends please download the report here.  

About Swapalease.com:

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.

While many SUV Brands Decrease Lease Payments, Others Increase Monthly Rates After the New Year to Meet the Segment Average

 Wantalease.com, the nation’s first online car lease marketplace for new lease deals, reports the latest update on new lease offerings for the month of January. While many truck lease payments have remained steady, SUV lease pricing is experiencing a split in both increases and decreases – depending on the brand.

While Honda is increasing their lease payments on SUVs in the month of January, Toyota is decreasing lease payments on their SUVs. The three largest decreases were the Toyota 4Runner with a -17.78% decrease in payment, the Toyota RAV4 with a -12.62% decrease, and the Nissan Pathfinder with a -5.31% decrease. The 4Runner is offered at $299 per month, the RAV4 is offered at $209 per month, and the Nissan Pathfinder is offered at $329 per month.

The largest lease increases for SUVs in the month of January include the Honda Pilot, with a 12.06% increase from December, and the Honda CR-V with a 6.66% increase. The Honda Pilot is listed at $329 per month, and the Honda CR-V is listed at $239 per month.

“SUVs continue to be a category that garners a great deal of interest from new customers,” said Scot Hall, Executive Vice President of Wantalease.com. “It’s this demand that you continue to see some SUV brands increasing their lease offers, while others lower deals in hopes to sway potential customers away from the competition.”

Currently, the Ford Focus is priced the lowest of all leases coming in at just $159 per month. The Ford Focus is priced lower than the Nissan Sentra, which was the vehicle holding the lowest lease offer last month at $149. This month, the Nissan Sentra increased in monthly payments by 4.71%. 

Other lease increases include those in the luxury category, which has seen an explosive increase in monthly payments. The BMW X5 M50i had a 20.88% increase and the Lexus IS 300 had a 20.34% increase. The BMW X5 M50i is now offered at $1,049 per month, while the Lexus IS 300 is now offered at $349 per month.

Wantalease.com is a sister marketplace to Swapalease.com, the nation’s largest online marketplace for leases. 

About Wantalease.com:  

Headquartered in Cincinnati, Ohio, Wantalease.com is the world’s first online automotive marketplace for new car leases. For more information visit www.WantAlease.com.