CINCINNATI, OH--(Marketwired - November 17, 2016) - Swapalease.com, the nation's largest car lease marketplace, reports car lease credit applicants registered a 61.5% approval rate for October, a -4.9% decrease from the previous month (64.7%). A year ago, the approvals rate was just 75% during the same month.
Throughout 2016 the lease credit approval rates have been volatile, fluctuating from month to month. As a whole, this year's approval rates have been down in comparison to last year. In fact, over the last three months in particular, the lease credit approvals rate has been just 60%.
U.S. personal credit balances saw a strong month in September, with outstanding consumer credit increasing $19.29 billion during the month, a sign that shows consumer spending continues to strengthen. The volatility of the lease credit approvals remains an indication that an increasing number of applicants -- with a diverse credit standing health, continue to apply for leases through Swapalease.com.
"We expect the numbers to remain low for the rest of the year as more people continue to apply for lease credit," said Scot Hall, Executive Vice President of Swapalease.com. "The broader automotive industry is expected to finish the year just shy of last year's sales figure, which in the larger picture demonstrates a lot of sales activity."
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.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.