CINCINNATI — Car lease marketplace Swapalease.com reported that applicants registered a 72.4% approval rate in May, a slight rise from the April rate of 72% and the highwater mark for the year.
May experienced a higher number of applicants with qualifications that led to more approvals for taking over another person’s lease contract during the month. May saw an increase in approval ratings from the same month a year ago, when 67.9% of lease applicants were approved. What’s more, May experienced a significant dip in 2017, where only 48.1% of applicants were approved.
Swapalease.com’s approval rate has continued to rise steadily since January, analysts said.
“The approval rates in May surely reflect strength in the economy, as well as strength in consumer credit and spending habits,” said Scot Hall, executive vice president of Swapalease.com. “We’ve found that with dealers offering fewer incentives on new lease deals, consumers are searching for alternate means to obtain vehicles they desire. Secondary lease transfer marketplaces such as Swapalease continue to grow in popularity.”