Lease Credit Approval Rates Dip to 65% in June

CINCINNATI, July 18, 2019 (GLOBE NEWSWIRE) -- Swapalease.com, the nation's largest car lease marketplace, reports car lease credit applicants registered a 65% approval rate entering July, a drop from the 72.4% mark registered in May.

Although lease origination activity at dealerships was down in Q1¹, lease takeover activity has remained strong, with many shoppers taking advantage of customizable terms offered through secondary marketplaces such as Swapalease.com.  Shoppers are looking to take advantage of lease takeover benefits, such as shorter contract commitment time and budget-savvy savings. In most cases, the takeover requires zero down payment, as this has already been paid by the initial lessee.

With a robust and stable economy, Swapalease.com continues to experience a growing number of applicants looking to take over another person's lease. Since January, lease credit approval rates have remained above the 65% mark, showing a healthy approval range.

"We continue to see a growing number of applicants with credit requirements to take over leases in the marketplace, most likely as a result of lower incentives offered by dealers," said Scot Hall, Executive Vice President of Swapalease.com. "There are a number of economic factors affecting dealership prices, and shoppers are searching for alternatives that will allow them to obtain the vehicle they desire at price points that were negotiated when dealer incentives were more prevalent."

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.

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.

Press Contact:
Erica Olson
Merit Mile
EOlson@meritmile.com
O – 561-362-8888

¹ https://www.experian.com/blogs/insights/2019/06/q1-2019-consumer-credit-trends/