SOURCE: Swapalease.com

August 18, 2015 11:50 ET

Car Lease Credit Approvals Rise 17.5% Entering August

Swapalease Sees Largest Jump of 2015 for Credit Approvals

CINCINNATI, OH--(Marketwired - Aug 18, 2015) - Swapalease.com, the nation's largest car lease marketplace, reports lease credit approvals entering August rose sharply with an increase of 17.5% over July activity. 84.6% of car lease credit applicants were approved to take over a lease on the Swapalease.com marketplace during July.

The year-to-date vehicle lease credit approvals rate improved to 70.3%, a steady rise from February when the rate was just 65.5%. Swapalease.com executives noted that July approvals activity was markedly high during the same time last year, when 81% approvals took place.

The strong auto lease credit approvals rate follows the recently announced strong consumer credit reported for June, when credit borrowing grew 7.3% with an additional $20.7 billion according to the Federal Reserve. In fact, the June increase marked a gain of at least 7% in three of the past four months, signaling continued strength in the economy particularly for non-revolving debt which includes car loans.

"The positive momentum continues to pick up steam, with July showing the strongest approvals rate so far this year, and the strongest since last August," said Scot Hall, Executive Vice President of Swapalease.com. "The collective industry is watching to see how long this momentum continues, especially for key areas such as car lease credit, car sales and the broader economy."

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. 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.

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