Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 72.7% approval rate in December.  The approval rate is significant considering approval ratings hit a low of 63.8% in April, the lowest rate reported since January of 2018.

With the holiday season being an optimal time to buy or lease a vehicle, it is no surprise that approval ratings saw an increase in December. According to Experian’s State of the Automotive Finance Market Report, in the second quarter of 2020, nearly 26% of new vehicles were leased. While this number is down from pre-pandemic levels, Swapalease.com believes many of its site visitors 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.

December has historically turned out a higher lease credit approval rating, likely due to end of year sales and lease deals. In December of 2019, 72% of applicants were approved to take over another person’s lease, and in December of 2018, 71.4% of applicants were approved.

“The automotive industry took a hard hit in early 2020, especially as stay-at-home mandates were implemented and businesses were temporarily shut down,” said Scot Hall, Executive Vice President of Operations at Swapalease.com.  “We’ve continued to see slight increases month-over-month since May, and we’re optimistic at the outlook for the 2021 calendar year.”

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.

JAVELIN includes all three facets of Inovatec’s Lending Technology Platform

Inovatec Systems Corp., a provider of industry-leading, cloud-based software solutions for all financial institutions, announced today its Compass Lending Platform has been rebranded under the JAVELIN name. The former Inovatec software products have been renamed under the JAVELIN moniker. The Compass Direct Portal is now known as JAVELIN Direct; Compass Asset Finance is now JAVELIN LOS; and Compass Loan Management is now JAVELIN LMS.

The rebranded name, JAVELIN, was selected to help simplify and streamline the Inovatec brand. The word “Javelin” is synonymous with speed, streamlined precision and targeted accuracy. These qualities make "Javelin" an ideal brand name for Inovatec’s proprietary technology.

JAVELIN by Inovatec is a state-of-the-art lending platform that helps lenders select the right deals, while only paying for deals that are booked. The JAVELIN platform encompasses three different aspects of technology:

• JAVELIN Direct streamlines loan applications to lenders, making the job of completing and submitting credit applications fast and easy. With JAVELIN Direct, vendors and lenders can communicate in real time from the point of an application’s submission, all the way to booking the transaction. Real-time application updates and open communication across multiple channels guarantees lenders always have the information they need to book the right deal. JAVELIN Direct Portal works both as a stand-alone module and as part of Inovatec’s complete lending platform.
• JAVELIN LOS is a loan origination system designed from the ground up to target the right deals. With Javelin Success Pricing, clients pay only for booked transactions. In addition to best-in-class crediting, auditing and income verification for financing applications, JAVELIN LOS supports self-configurable credit decisioning, tolerance limits and risk parameters with full auto decisioning and scorecard capabilities. JAVELIN’s open API infrastructure eliminates barriers and expedites connectivity with internal and external data and service providers to drive efficiencies and optimize lender partnerships.
• JAVELIN LMS features electronic document management with robust loan servicing and after-care for loans, leasing, consumer/commercial customer service and collections and third party vendor management. JAVELIN Loan Servicing is a fully secure loan and lease servicing system. Lenders can easily manage customer loans leases, repayments, and collections all in one place - and improve outcomes every step of the way. Lenders can also manage loan fees, grace periods and penalties while maximizing flexibility with restructuring and refinancing options.

Inovatec’s solutions improve overall efficiency in areas that would take lenders hundreds of working hours to process, file, organize and approve applications.  JAVELIN has flexibility built in, so clients can quickly and easily update current products or develop new ones to keep their lending business in step with evolving markets. The technology quickly and easily adapts to existing loan products, creating a highly customizable user experience that aligns with current workflows and business goals.

“The rebranding of our Direct, LOS and LMS system was a pivotal decision for Inovatec, highlighting our strengths as a company,” said Brendon Aleski, US Director of Sales at Inovatec. “The COVID-19 pandemic has drastically disrupted the way that lenders operate, exposing a need for more effective technology processes that enable quick decisions and reactions to the changing market. Lenders who partner with organizations like Inovatec can pivot their strategies almost immediately, ensuring stability, consistency and accuracy throughout their business operations.” 

To learn more about Inovatec and its complete suite of lender-centric technologies please visit www.inovatec.com

About Inovatec

Inovatec Systems Corporation is obsessed with improving the outcomes for Lenders in the USA and Canada. As an industry-leading provider of cloud-based lending solutions, Inovatec's JAVELIN platform disrupts standard practice with Success Based Pricing. Success Based Pricing Means Lenders pay only for the transactions they book - a first for the industry.

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.