Only 57.7% of applicants for car leases were approved in August, the lowest approval percentage of the year and the lowest approval rate in August in the past 2 years, according to SwapALease.com. By comparison, lease approval rates were 85.7% in August 2015.
Auto-leasing marketplace SwapALease.com says that lease approval rates have been declining steadily since February, though the company says that this trend is not due to the credit market softening, but rather a rise in the number of applicants as the interest in leasing a car increases.
“Car lease credit approvals typically fluctuate throughout the year, so to see a downward trend spanning more than 6 months is unusual,” said Scot Hall, executive vice president of Swapalease.com. “However, with lease interest at all-time highs, it is expected that the number of declines will also be added to the mix here.”
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Author: Digital Dealer
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