CINCINNATI, OHIO (October 12, 2020) – 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.
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.