Secondary Lease Approvals Dip Below 69% in August
Swapalease.com reports a high number of applicants and a slightly tighter credit market in August. A 68.9% approval rate fell short of July’s 69.1% and represented a 5.1% year-over-year decline.

CINCINNATI — Car lease marketplace Swapalease.com reported credit applicants registered a 68.9% approval rate in August, a slight dip from the July rate of 69.1%.
August experienced a higher number of applicants with qualifications for taking over another person’s lease, as well as the highest number of applicants year-to-date, analysts said in a press release. The month had a slightly lower approval rating than August of 2018, where 72.6% of applicants were approved.
“As prices on new vehicles rise, we will continue to see a growing number of shoppers looking for alternate channels for their next vehicle.”
Since January, the lease approval rate has continued to rise with only slight fluctuations. The average credit approval rating for the year to date registers at 69%. The slight dip in August can be attributed to a slightly higher number of applicants, which usually come with a higher volume of less-than-stellar credit to take over a lease, according to Scot Hall, the company’s executive vice president.
“We have continued to see steady and healthy increases in approval ratings on Swapalease.com throughout the year,” Hall said. “As prices on new vehicles rise, we will continue to see a growing number of shoppers looking for alternate channels such as the secondary lease transfer marketplace for their next vehicle.”
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