Approval Rates Drop to 47.6% In The Last Month; Influx of Applicants Looking to Replace Destroyed Vehicles
The lease credit approval rate fell to the lowest percentage seen thus far in 2017 in September after a relatively strong month in August when the approval rate was 68.3%.
It is likely that the effects of Hurricane Harvey and Hurricane Irma played a roll in September’s lower numbers. Following the two devastating storms, consumer confidence dropped to 95.1 after reaching a seven-month high in August, according to CBNC. What’s more, an influx of auto shoppers impacted by the hurricanes saw a rise overall in applicants on the Swapalease.commarketplace, including a higher number of people with credit that was not approved by the lease companies.
“Following the destruction of the hurricanes that hit the U.S. in September, many consumers have been more focused on recovering from the storms, including vehicle replacements,” said Scot Hall, Executive Vice President of Swapalease.com. “We expect these numbers to even out in the coming months as auto shopping returns to a more normal environment heading into the end of the year.”
Swapalease.com matches a person wanting out of their existing vehicle lease contract with a car shopper looking to take over a short-term vehicle lease. The marketplace has several thousands of cars and trucks available for transfer to anywhere in the continental U.S.
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.commatches 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.
Author: Digital Dealer
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