CINCINNATI, OHIO (August 23, 2021) – Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 70.0% approval rate in July. The approval rate is an increase from the 67.6% rate in June.
 
The July number is also higher than the approval rate at the same time last year, when the approval rate was only at 65.1% after a few months of the pandemic setting in. The increase indicates consumer credit levels are also holding steady as more people are vaccinated from COVID-19. Additionally, households continue to save stimulus relief provided by the government.  
 
As opposed to consumer borrowing, many are utilizing their savings accrued during the pandemic toward paying debt. With consumers reigning in their credit usage as well as lowering revolving debt, Americans are now looking to upgrade their vehicles to a newer model but are searching channels such as Swapalease.com for inventory that may not be readily available at a dealership. 

 Swapalease.com believes many of its site visitors and vehicle customers have solid credentials available to take over a person’s vehicle lease. The stability to have more flexibility in leasing through economic uncertainly may contribute to an increase in shoppers looking to lease vehicles through the secondary market – where lease payments are much more appealing than what’s offered at a dealership. 

“Since credit strength is continuing to stabilize due to the figures maintained throughout the third and fourth quarters, lease credit approvals slightly decreased during the months of May and June,” said Scot Hall, Executive Vice President of Swapalease.com. “Since Americans were either saving or paying down debt with their government stimulus money, consumer credit confidence ultimately grew. This has led to an increase in credit approvals during the month of July – hinting at larger spending in future quarters.”
 
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 thousands of cars and trucks available for transfer to anywhere in the continental U.S.

Sarah Caro
Merit Mile
scaro@meritmile.com 

The post SWAPALEASE.COM RELEASES LATEST FIGURES ON LEASE CREDIT APPROVALS SHOWING AN INCREASE FOR JULY appeared first on DealershipNews.com.

Among the most notable are the Ford Ranger, with a +14.86% increase from November, the Chevrolet Traverse with a +14.65% increase, and the Honda Pilot with a +11.15% increase. The Ford Ranger is offered at a payment of $325 per month, the Chevrolet Traverse is priced at $329 per month, and the Honda Pilot is also priced at $329 per month.

Other SUVs with payment increases include the Ford Expedition, Cadillac Escalade, Lexus RX, and Infiniti QX80. The Expedition increased by +6.52%, the Escalade increased by +5.46%, the RX increased by +1.92% and the QX80 increased by +1.59%.

The Nissan Sentra is currently priced the lowest of all vehicles, coming in at just $149 per month.  The Sentra has held steady at the same payment for the past four months. The vehicle with the largest discount in December was the Cadillac CT5, with a decrease of -17.47%, bringing monthly payments to $349.

 “We anticipate that manufacturers will be holding steady on new lease payments despite the uptick in demand for new vehicles,” said Scot Hall, Executive Vice President of Wantalease.com.  “With the biggest shopping holidays of the year quickly approaching, its possible manufacturers may have increased prices entering December to make promotional offers seem more attractive to holiday shoppers.”

Other vehicles that experienced payment decreases for the month of December include the Audi A3, the Toyota Corolla and the Volkswagen Jetta. The A3 decreased by -11.26%, bringing monthly payments to $294 per month, the Corolla decreased by -7.56% bringing monthly payments to $189 and the Jetta decreased by -4.07%, bringing payments to $229 per month.

Wantalease.com is a sister marketplace to Swapalease.com, the nation’s largest online marketplace for leases.

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