Lease credit approval rates were at 85.2% for November, the second highest monthly lease approval rate for the year after August, which saw an approval rate of 85.7%, according to Swapalease.com.
Year to date, Swapalease has recorded a lease credit approval rate of 69.7%, the highest since the year began, when the rate was at 70.6% in January.
The rise in rates was spurred on by early holiday lease campaigns and offers, with a number of lessees exchanging vehicles from manufacturers like Chrysler, Mazda, Jeep, GMC, Buick, and Chevrolet, according to Swapalease, which also reported that among luxury brands, Lexus saw an expected, seasonal jump in exchange requests.
Swapalease is forecasting that lease approvals will maintain the recent upward momentum for the next few months, due to continued consumer appetite.
“Lease deals will continue to rise over the next several months as car sales increase and used car values maintain their strong retention rates,” Scot Hall, executive vice president of Swapalease.com, said in a press release. “What’s more, leasing is gaining popularity among millions of consumers who now view their car as just another monthly payment.”
