CINCINNATI, OH--(Marketwired - June 20, 2016) - Swapalease.com, the nation's largest car lease marketplace, reports car lease credit approvals registered a 61.1% approval rate for May, a significant drop from the approval ratings in April (69.9%).
As consumer confidence decreases it may be pulling credit approvals down with it. Consumer confidence weakened slightly in May, dropping 92.6, down from 94.7 in April according to The Conference Board. As the year continues, consumer confidence is forecasted to follow a downward trend resulting in potentially lower numbers for lease credit approvals.
While overall lease rates have remained healthy and even at record levels, industry observers have pointed to data that show a peak in the automotive market. This sentiment, combined with data that show fewer jobs added recently, hints at a consumer mindset that could grow weary in the coming months.
"We feel we're entering a period of the market where sales remain hot for the most part, but outside indicators show the possibility of change on the horizon," said Scot Hall, Executive Vice President of Swapalease.com. "I think we can expect the lease credit approval numbers to remain volatile as the year progresses due to fluctuating consumer confidence."
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.