SOURCE: Swapalease.com

November 20, 2014 09:08 ET

Lease Credit Approvals Rise Ahead of the Busy Holiday Luxury Auto Campaigns

Larger Number of Luxury Lease Car Shoppers Expected for End-of-Year Deals

CINCINNATI, OH--(Marketwired - Nov 20, 2014) - Swapalease.com, the nation's largest car lease marketplace, reports lease credit approvals during October rebounded to a rate of 74.1%, compared with 64.5% in September. Roughly three out of every four car lease applicants were approved in October, an important indicator given the continued popularity of car and truck leases.

Year to date, Swapalease.com has recorded a lease credit approval rate of 68.6%, just shy of the 70% rate that is considered normal in the marketplace. Over the last three months, approximately 73.4% of all lease applicants have been approved for lease exchanges.

The timing of the lease credit approvals rate is interesting given the proximity to the holiday shopping season and end-of-year auto deals. Consumers are expected to rely on credit for purchases as the end of 2014 nears. Online holiday shopping is expected to reach $89 billion in sales this year and up 13% from a year ago. Auto sales are expected to finish the year strong at approximately 16.1 million units sold, up from 15.6 million in 2013.

Swapalease.com anticipates mixed results regarding auto lease credit approvals in November and December, when car lease shoppers increase their appetite for entry-level luxury models given a boost from holiday advertising campaigns. The marketplace has also experienced a larger number of lease credit declines in 2014 from car shoppers with less-than-stellar credit profiles hoping to secure a subprime lease finance package.

"Credit is the lifeblood of leasing and subprime profiles have a more difficult time getting approved by the bank," said Scot Hall, Executive Vice President of Swapalease.com. "We will be keeping a watchful eye out this holiday season, particularly as car shoppers in all credit profiles look to take over a luxury lease inspired by the 'December To Remember' holiday campaigns."

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. 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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