Swapalease Reports Continued Healthy Credit Approvals Last Month

Positive trends on lease customer credit approvals continued into the halfway mark of 2013. According to a new report from national car lease marketplace Swapalease.com, the Cincinnati-based company recorded a 73.9% year-to-date credit approval rate at the end of last month, a slight decline from the 75.3% noted the previous month. At the same time last year, approvals were 58.4%.

When 70% of all applications are credit approved, Swapalease deems that to be a healthy rate, it said in a press release. As credit is an important component in auto leasing, each consumer applying to take over a lease on Swapalease must go through an application process that includes credit verification. Customers looking to go through the credit application process to take over a lease on the site rose 22.2% from May to June.

“We anticipate this pattern will continue, particularly as the automotive industry and labor markets continue to show additional strengthening,” Executive Vice President Scot Hall said in the release.