Swapalease: March Approval Rates Exceed 70%
Approval rates on Swapalease’s online marketplace were up 4.8% in March, registering a 70.7% approval rate, the highest since October.
Lease takeover credit approval rates increased to nearly 71% in March. Analysts believe some lessees are using tax refund checks as down payments.
Photo by dference via Pixabay
CINCINNATI — Online car lease marketplace Swapalease.com reports credit applicants registered a 70.7% approval rate in March, a rise from the February rate of 65.9%.
A higher number of qualified applicants led to more lease takeover approvals, analysts said. Only 67.3% of lease applicants were approved in March 2018. March approval rates also were the strongest for the first quarter, having started at 67.5% in January, followed by a slight dip to 65.9% in February.
“We are impressed by the number of applicants looking to take over another person’s lease for the month of March, as well as the increase in lease approvals,” said Executive Vice President Scot Hall. “It is very likely that we saw more activity in March from people receiving their tax rebate checks and using them toward a lease in our marketplace, which in many cases avoids a down payment.”
Originally posted on F&I and Showroom
More F&I
Affordability Shapes Auto Demand
Auto originations increased 1% in the first quarter, and electric vehicles are rebounding, according to TransUnion's latest credit report.
Read More →
The Evolution of Agency Development in Modern F&I
General agents have a different roadmap for success than their predecessors. It will pay for them to follow it in order to be true dealer partners.
Read More →
Four-Figure Loan Payments on the Rise
A LendingTree analysis found that location, age and credit score play a role in the rising amount of auto loan borrowers who make monthly payments of $1,000 or more.
Read More →
APCO Holdings Acquires Fidelity Dealer Services
The finance-and-insurance product provider says the addition strengthens EasyCare’s reach across key markets.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
Ensure Your Clients Are Sure About Reinsurance
Industry experts recently broke down the complicated profit center at Agent Summit. Learn what’s relevant and what’s new to share with your dealers.
Read More →
Car Loans More Plentiful
May access opens up, as risk segments figured largely in the increased availability, Cox Automotive reported.
Read More →
First-Quarter Sees Long Auto Loan Growth
Experian data show more consumers are tapping the method, along with refinancings, to afford buying. Meanwhile, subprime borrowers are getting more access.
Read More →
Auto Consumer Anxiety Presents Opportunity
A survey of U.S. drivers found the majority are concerned about finances and the economy, but those fears make many ready to buy vehicle-protection products.
Read More →