CINCINNATI — Credit health for car lease customers is at its strongest since the recession, with 77.3 percent of customers approved during April, up from 70 percent during the previous month, according to credit approvals data from Swapalease.com.
Of Swapalease.com customers, 73.6 percent have been approved so far in 2013, compared with just 57.5 percent approvals during the first four months of 2012. This also compares to 68.3 percent of approvals during the first four months of 2011.
Lenders must approve each individual looking to take over a lease on the Swapalease.com marketplace. Once approved, the incoming driver completes the remaining portion of the car lease contract, while the outgoing person is no longer obligated to make the monthly payments.
“The automotive industry has continued to grow in 2013, with new sales expected to be marginally higher than 2012 levels,” said Scot Hall, Executive Vice President of Swapalease.com. “Above this, key economic factors such as continued job growth, low gas prices and a healing housing market have all helped personal credit levels, allowing more consumers with credit approvals.”