The overall lease credit approval rate during May was 60.6%, the lowest monthly level of the year, and down 10% from January, when the approval rate was at 70.6%, according to a report issued yesterday from Swapalease.com. The company attributes the recent slide to what it calls a “significant[ly] higher number of applications” over the last two months. Swapalease said 44.7% more applications were processed in May and April compared with the previous two months. Nonetheless, Swapalease said it considers the 60% approval mark to be healthy for the marketplace at this time.
