Swapalease: March Approval Rates Exceed 70%
Approval rates on Swapalease’s online marketplace were up 4.8% in March, registering a 70.7% approval rate, the highest since October.
Lease takeover credit approval rates increased to nearly 71% in March. Analysts believe some lessees are using tax refund checks as down payments.
Photo by dference via Pixabay
CINCINNATI — Online car lease marketplace Swapalease.com reports credit applicants registered a 70.7% approval rate in March, a rise from the February rate of 65.9%.
A higher number of qualified applicants led to more lease takeover approvals, analysts said. Only 67.3% of lease applicants were approved in March 2018. March approval rates also were the strongest for the first quarter, having started at 67.5% in January, followed by a slight dip to 65.9% in February.
“We are impressed by the number of applicants looking to take over another person’s lease for the month of March, as well as the increase in lease approvals,” said Executive Vice President Scot Hall. “It is very likely that we saw more activity in March from people receiving their tax rebate checks and using them toward a lease in our marketplace, which in many cases avoids a down payment.”
More Auto Finance
July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →
Auto Refi Savings Surge
Consumers with 84-month auto loan terms who refinanced saved the most on monthly payments, according to a new report by auto refinancing provider Caribou.
Read More →
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 →