Swapalease Releases Latest Figures on Lease Credit Approvals
Lease credit approvals reached 70.8% in February; Up slightly from 68% in January.

Lease credit approvals reached 70.8% in February; Up slightly from 68% in January.
CINCINNATI, Ohio – Swapalease.com, a car lease marketplace, reports car lease credit applicants registered a 70.8% approval rate in February. The approval rate is a slight increase from the 68.3% approval mark that opened up the new year in January. The February number is just off slightly from the same time last year, when the approval rate was at 72.3% right before the beginning of the pandemic. The steady numbers indicate consumer credit levels are also holding steady, perhaps as a continued sign of the ongoing stimulus relief provided by the government.
The latest and recently signed stimulus package, combined with the accelerated momentum we’re seeing with vaccine rollouts should further strengthen the outlook for credit in the months ahead.
According to recent Federal Reserve data, consumer borrowing decelerated again in January, which may suggest that Americans are using the latest stimulus checks to pay down debt. Total consumer credit decreased $1.3 billion In January, the Fed said. That’s an annual decline at a 0.4% rate and follows a 2.5% gain in the prior month.
Swapalease.com believes many of its site visitors and vehicle shoppers have solid credentials available to take over a person’s vehicle lease. The inclination to have more flexibility through leasing amidst economic uncertainly may contribute to a rise in shoppers who are looking to lease vehicles through the secondary market, where lease payments are more attractive than what is currently offered at the dealership.
“Given that the year has started out with credit-stability figures that were maintained throughout the third and fourth quarters, we believe in the short term this stability will continue,” said Scot Hall, Executive Vice President of Swapalease.com. “The latest and recently signed stimulus package, combined with the accelerated momentum we’re seeing with vaccine rollouts should further strengthen the outlook for credit in the months ahead.”
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.
Originally posted on Auto Dealer Today
More Auto Finance

Interest Rates Further Squeeze Auto Consumers
Last month’s hike and a potential second increase this month add to a growing list of inflation woes that could continue to dent overall car sales.
Read More →
Mind Your Process
Consistent steps taken in various aspects of the F&I office can make valuable differences over time, similar to an outline for a best-selling book.
Read More →
Top Five Credit Application Fraud Flags
Compliance audits regularly reveal bad habits that can lead to fraud charges and should have been stamped out decades ago.
Read More →
More Auto Loans for the Taking in August
Riskier categories were on the uptick for the month as lenders loosened access in several areas while balancing out the exposure in another, Cox Automotive reported.
Read More →
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 →