CINCINNATI — Car lease marketplace Swapalease.com reported car lease credit applicants registered a 72% approval rate in April, a 1.8% rise from the March rate of 70.7% and the highest since August 2018. April also saw a slight increase in approval ratings from the previous year, when 70% of lease applicants were approved; only 60% of applicants were approved in April 2017.
Since January, the lease approval rate has continued to rise, with April leading strong into the second quarter, said Scot Hall, executive vice president of Swapalease.com.
“We’re continually impressed with the increase in number of applicants, as well as with the increase in lease credit approvals,” Hall said. “Prices on new vehicles continue to rise, as does consumer uncertainty surrounding lack of incentives at the dealership. As a result, we continue to see a growing number of shoppers seeking alternate channels for their next vehicle, such as the secondary lease transfer marketplace.”
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