SOURCE: Swapalease.com

Swapalease.com

January 18, 2017 12:56 ET

Increased Buyer Activity Spells Fewer Credit Approvals to Close out 2016

Monthly Lease Credit Approval Rates Decreased by 10.5% in December

CINCINNATI, OH --(Marketwired - January 18, 2017) - Swapalease.com, the nation's largest car lease marketplace, reports car lease credit applicants registered only a 54.2% approval rate for December, a 10.5% decrease from November (64.7%). A year ago, the approvals rate was just 54.5% during the same month, illustrating the end-of-year shopping frenzy that typically takes place.

December's rate was the lowest credit approval rate the market has seen in the past three years. Throughout the year the lease credit approvals rates have fluctuated from month to month. The best and worst months of the year were February (70.0%) and December (54.2%) respectively. The low rates signal more buying activity overall, not less, which is in line with the current auto sales environment.

"2016 saw its fair share of ups and downs in credit approvals, but despite the volatility we saw an increasing number of volume in buyer activity due to continuous demand for lease takeovers," said Scot Hall, Executive Vice President of Swapalease.com. "Lower numbers toward the end of the year are a typical seasonal trend that is likely due to an increase in shopping overall. It will be interesting to see where the volatility goes entering the first few months of 2017."

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.

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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