Credit approvals see significant rebound from April rates.
Online credit applications increase as shoppers seek alternative means of vehicle acquisition.
Swapalease.com reports a high number of applicants and a slightly tighter credit market in August. A 68.9% approval rate fell short of July’s 69.1% and represented a 5.1% year-over-year decline.
Lease approval ratings improved in July following a slight dip in June, according to the latest report from Swapalease.com.
Swapalease.com analysts say credit approvals declined after reaching 72.4% in May but report growing demand from consumers seeking lease contracts negotiated when incentives were stronger.
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.