Swapalease: Apps, Approval Rates Fell in January
Swapalease.com registered a slight dropoff in credit applications in January, coinciding with the marketplace’s lowest approval rate since May 2018.
CINCINNATI, Ohio — Car lease marketplace Swapalease.com reports car lease credit applicants registered a 67.6% approval rate in January, a decrease from the December rate of 71.4%.
January experienced a slightly lower number of applicants with qualifications for taking over another person’s lease contract during the month, registering 5.6% fewer approvals than the month of December. However, January saw a significant increase in approval ratings from January 2018 approval numbers, where only 57.8% of lease applicants were approved last year.
Since January 2018, lease credit approval ratings rose consistently with only slight fluctuations throughout the year. December was the second-highest month of the year for credit approvals in 2018.
“We expect to see an increase in lease applicants as well as an increase in approval ratings as we get further into the new year — just like we saw in 2018,” said Executive Vice President Scot Hall. “Shoppers relied heavily on alternative outlets like Swapalease.com to list and shop for leases toward the end of the year, especially as lease shoppers look to tap into lease payments set in 2017 and 2018 as opposed to the payment deals they’re being quoted at dealerships.”
More Auto Finance
Subaru Enters Lending Business
The automaker follows other brands in adding captive financing in the U.S., and says the move will strengthen its position here.
Read More →
Positive Equity Reaches Record High
Mainstream vehicle owners who bought a car seven years ago are likely to have positive equity when trading in for a new vehicle, according to second-quarter Edmunds data.
Read More →
Dealerships Are Paying the Price for Extended Car Loans
Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
Read More →
Trade-Ins in Negative Equity Reach New Heights
As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.
Read More →
Auto Credit Plentiful
June numbers show lenders are readily granting access, including to risky borrowers, as consumers leverage themselves to take on high prices.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Porsche Financial Services Shifts Structure
After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
New Cars a Tad More Affordable
May averages show that combined circumstances gave auto consumers slightly better buying power for the month, though average prices were up year-over-year.
Read More →