SOURCE: Swapalease.com

November 19, 2013 09:10 ET

Swapalease.com: Car Lease Customer Credit Approvals Level Off in October

36% More Applicants in Second Half of 2013 Brings More Non Approvals

CINCINNATI, OH--(Marketwired - Nov 19, 2013) - Swapalease.com, the nation's largest car lease marketplace, reports credit approvals were relatively unchanged in October compared with the previous month. The year-to-date approvals for customer credit finished October at 72.8%, compared with September levels of 72.7%.

The current rate shows a marked improvement over last year's percentage, when 64.4% of auto lease approvals were processed through the end of October, 2012. A 70% approval rating is considered healthy on the Swapalease.com marketplace. The small monthly improvement in October reverses a three-month trend where the credit approval rating had slipped from a high of 75.6% in July. What's more, October approvals alone were registered at 73.7%, compared with 70.0% during October, 2012.

"We anticipated an eventual rebound in credit approvals, especially since car leasing has grown throughout the year," said Scot Hall, Executive Vice President of Swapalease.com. "We fully expect to see the balance of the year show continued trending that supports healthy approvals patterns as we head into 2014."

One clear reason why the approvals numbers have fallen compared with the beginning of the year is the fact that more people are going through the vehicle lease approvals process in general. A total of 36% more applicants have gone through the approvals process over the last five months, compared with the first five months of 2013. This sharp increase in total number of customers will often result in an increased number of people not being approved for credit.

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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