September’s Lease Approval Rate Falls to Lowest Level in 2017
September’s rate was recorded after August’s 68.3% approval rate. The car leasing marketplace attributed September’s rate to the effects of hurricanes Harvey and Irma.
CINCINNATI — Car lease marketplace Swapalease.com today reported that car lease credit applicants registered just a 47.6% approval rate for September — the lowest percentage so far in 2017.
September’s rate was recorded after August’s 68.3% approval rate. Swapalease.com officials attributed September’s low percentage to the effects of hurricanes Harvey and Irma, especially after consumer confidence dropped to 95.1 after reaching a seven-month high in August.
“Following the destruction of the hurricanes that hit the U.S. in September, many consumers have been more focused on recovering from the storms, including vehicle replacements,” said Scot Hall, executive vice president of Swapalease.com. “We expect these numbers to even out in the coming months as auto shopping returns to a more normal environment heading into the end of the year.”
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 several thousands of cars and trucks available for transfer to anywhere in the continental U.S.
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