CINCINNATI, Ohio – Swapalease.com, a car lease marketplace, reports car lease credit applicants registered a 72.9% approval rate in March. The approval rate is a slight increase from the 70.8% approval mark in February.
Credit strength continues to grow due to the stable figures maintained throughout the third and fourth quarters and we believe, in the short term, this will only continue.
The March number is also higher than the same time last year, when the approval rate was at 69.3% right at the beginning of the pandemic. The steady, incremental increase indicates consumer credit levels are also holding steady as many households continue to receive stimulus relief provided by the government.
As opposed to consumer borrowing, many are utilizing stimulus checks to pay down debt. With consumers reigning in their credit usage as well as lowering revolving debt, Americans have more confidence to go out and shop for a new vehicle.
Swapalease.com believes many of its site visitors and vehicle shoppers have solid credentials available to take over a person’s vehicle lease. The inclination to have more flexibility in leasing through economic uncertainly may contribute to an increase in shoppers looking to lease vehicles through the secondary market – where lease payments are many times more appealing than what’s offered at a dealership.
“Credit strength continues to grow due to the stable figures maintained throughout the third and fourth quarters and we believe, in the short term, this will only continue,” said Scot Hall, Executive Vice President of Swapalease.com. “Because Americans are either saving or paying down debt with their government stimulus money, consumer credit confidence will ultimately continue to grow leading to larger spending in future quarters.”
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 thousands of cars and trucks available for transfer to anywhere in the continental U.S.