Swapalease: Customer Lease Credit Approval on the Rise


PR Newswire

Con­tin­ued increases this year for cus­tomer credit approval on lease trans­ac­tions through the end of July are reported by Swapalease.com, with July report­ing very good numbers .

Get the facts and fig­ures on leas­ing approvals through July.

Swapalease.com reports con­tin­ued increases this year for cus­tomer credit approval on lease trans­ac­tions through the end of July. Accord­ing to web­site data, total year-to-date credit approvals were 75.6% through July, up from 73.9% through the end of June and the high­est cumu­la­tive aver­age recorded so far this year.

His­tor­i­cal data show that 70% approval is con­sid­ered healthy for the online car lease mar­ket­place, which matches a per­son look­ing to exist a vehi­cle with a car shop­per look­ing to take over a short-term lease. Cus­tomer credit approvals have con­tin­u­ally increased since the begin­ning of 2011, and the cur­rent 75.6% approval rate com­pares to 61.6% year-to-date approvals through July 2012.

“Now that our credit approvals rate is rest­ing near 75%, the major­ity of cus­tomers pro­cess­ing trans­ac­tions are believed to be look­ing for upgrades to their pre­vi­ous vehi­cle,” said Scot Hall, Exec­u­tive Vice Pres­i­dent of Swapalease.com. “The health rate of con­sumer credit in many cases gives dri­vers the con­fi­dence to upgrade into a vehi­cle cat­e­gory that’s con­sid­ered higher than their pre­vi­ous vehicle.”

In look­ing specif­i­cally at the July approvals rate, 80.6% of cus­tomers look­ing to take over a vehi­cle lease were approved by the incom­ing bank. This rep­re­sents the sec­ond best month for approvals, behind the 88% approval rate Swapalease.com recorded dur­ing May. Credit is the lifeblood of leas­ing, and each inter­ested car shop­per must have their credit approved by the lease com­pany hold­ing the vehi­cle contract.