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Lease Credit Approval Rates Climb to 68.6% in May

Credit approvals see significant rebound from April rates.

June 18, 2020
Lease Credit Approval Rates Climb to 68.6% in May

Credit approvals see significant rebound from April rates.

Image by Luk Luk via Pixabay 

2 min to read


CINCINNATI – Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 68.6% approval rate in May, a significant increase from the April rate of 63.8%. The +7.6% increase is likely related to an influx of online shoppers who are seeking alternative means of vehicle acquisition during COVID-19. Shoppers continue to seek out online marketplaces in lieu of dealership visits.

We’re seeing a significant shift in the way consumers are shopping for their next vehicle and an increase in shoppers who are seeking shorter-term financial commitments with lower monthly payments.

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Secondary markets, such as Swapalease.com provide automotive shoppers with feasible alternative solutions that fit their current lifestyle, which may be altered by shelter in place or work from home arrangements.    

Despite unusual circumstances lease credit approval rates have remained stable when compared to data from the month of May in 2019 and 2018. In 2019, 72.4% of applications looking to take over someone else’s lease were approved. In May of 2018, only 67.9% of applicants were approved.

“We’re seeing a significant shift in the way consumers are shopping for their next vehicle and an increase in shoppers who are seeking shorter-term financial commitments with lower monthly payments,” said Scot Hall, Executive Vice President of Swapalease.com. “Alternative marketplaces like Swapalease.com may be more appealing to individuals who find themselves temporarily in a more challenging financial situation.”

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 thousands of cars and trucks available for transfer to anywhere in the continental U.S.

Read: Manheim Used Vehicle Value Index Jumps Mid-Month

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