Car Lease Credit Approvals Down for Domestic Lease Applicants

CINCINNATI, OH--(Marketwired - May 6, 2015) - Swapalease.com, the nation's largest car lease marketplace, reports car 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% auto lease credit 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 vehicle lease credit 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."

About Swapalease.com:
Headquartered in Cincinnati, Ohio, Swapalease.com is the world's largest automotive lease marketplace and the pioneer in facilitating lease transfers online. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.