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Credit approval rates on Swapalease.com’s online lease marketplace soared to their highest number yet for 2019 last month, registering a 6.2% year-over-year gain and a 33.6% improvement from May 2017.
Lease approvals on Swapalease.com’s secondary marketplace ticked up to 72% in April, the highest rate since August 2018.
Approval rates on Swapalease’s online marketplace were up 4.8% in March, registering a 70.7% approval rate, the highest since October.
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.
Swapalease.com’s second-quarter report shows growing interest in sport utilities, crossover SUVs and sporty models.
Lease applicants registered a 48.1% approval rate, the lowest level since the car lease marketplace began tracking the stat in 2014. The firm explained that the rise in consumer interest for luxury SUVs is what’s driving the uptick in declines.
Despite rising incentives and an increase in the number of lease returns to dealerships, auto dealers continue to push lease deals. And according to the online lease marketplace, approval rates have hovered above 70% for two straight months so far in 2017.
Car lease credit applicants registered a 72.2% approval rate in February, a 33.3% increase from January’s 50% approval rate but flat with a year ago, according to Swapalease.com.
A survey conducted by Swapalease.com found that both dealers and car buyers are interested in used-vehicle leasing. Top used vehicles consumers would like to lease include the Cadillac Escalade, CTS, and the Jeep Cherokee, while dealers would like to offer used leases on the Buick Regal, Cadillac CTS and Chevrolet Cruze.
Swapalease.com reports that aggressive lease deals have continued in May, with 15 popular cars and trucks being offered in its new lease online marketplace for monthly payments of $200 or less leading into Memorial Day weekend.