Overall Lease Approvals See Healthy Jump in April, Especially for Foreign Brands
CINCINNATI, OHIO (May 6, 2015) – Swapalease.com, the nation’s largest car lease marketplace, reports lease credit approvals for April continued with volatility after seeing 78.6% approvals during the month, a 31.0% jump from the approvals rate during March (60.0%). The majority of lease approvals during April came from foreign brands such as BMW, Mercedes-Benz and Lexus.
The 78.6% approvals mark is the highest monthly acceptance rate dating back to last year, when 84.2% of lease transfer applicants were approved in November. The lease approvals volatility has remained entering 2015, as January numbers were above the healthy mark at 75.0% but February and March both saw low numbers. One reason surfacing for this volatility is the type of vehicle lease being transferred. During April, the vast majority of lease declines came from domestic brands.
Interestingly enough, the first four months of 2015 have displayed significantly more lease approval volatility compared with the first four months of 2014, which saw the approvals rate stay within the 67% – 70% range in each of the first four months. This year’s volatility comes amid continued growth in auto sales and the lease market, with end-of-month light vehicle sales showing year-over-year growth of 4.6%.
“We expect to see continued turbulence in lease approvals, especially as the volume for lease applicants grows to include sub-prime shoppers turned away at the dealership,” said Scot Hall, Executive Vice President of Swapalease.com. “We’re keeping a watchful eye on domestic versus foreign lease applicants, as this is a new trend emerging in our marketplace.”
Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.