Swapalease: Customer Lease Credit Approval on the Rise

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.



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