Lease Credit Approval Rates Bounce Back in August

CINCINNATI, OH--(Marketwired - September 13, 2017) - Swapalease.com, the nation's largest car lease marketplace, reports car lease credit applicants registered a 68.3% approval rate for August, just shy of the "healthy" mark at 70%.

The credit approval rate for August saw a noticeable improvement from last month's rate of just 54.3%. In more complete context, a year ago the approvals rate was much lower, reaching only 57.7% this time last year.

The jump in approvals more than likely came before Hurricane Harvey affected Texas and surrounding regions. This increase in lease credit approvals is likely due to a rise in consumer confidence, which has remained strong in the current economy. The consumer sentiment index rose to its highest level since January during the month of August according the Consumer Confidence Survey.

"A boost in consumer confidence can have a positive impact on the automotive industry," said Scot Hall, Executive Vice President of Swapalease.com. "August's numbers are hopefully the beginning of an upward trend in the amount of lease credit approvals we will see for the rest of 2017."

As an increasing number of Texas residents in particular look to replace their damaged or destroyed vehicles, Swapalease.com will keep its eye on lease transfer activity in and around the surrounding region.

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.