CINCINNATI — Swapalease.com reported continued increases
this year for customer credit approval on lease transactions through the end of
July.

According to website data, total year-to-date credit
approvals stood at 75.6 percent through July, up from 73.9 percent through the
end of June and the highest cumulative average recorded so far this year.

Analysts indicated that historical data shows that
70-percent approval is considered healthy for the online lease marketplace,
which matches a person looking to exist a vehicle with a shopper looking to
take over a short-term lease.

The site pointed out that customer credit approvals have
continually increased since the beginning of 2011, and the current 75.6-percent
approval rate compares to 61.6 percent year-to-date approvals through July of
last year.

"Now that our credit approvals rate is resting near 75
percent, the majority of customers processing transactions are believed to be
looking for upgrades to their previous vehicle," said Scot Hall, executive vice
president of Swapalease.com.

"The health rate of consumer credit in many cases gives
drivers the confidence to upgrade into a vehicle category that's considered
higher than their previous vehicle," Hall continued.

In looking specifically at the July approvals rate, the site
discovered 80.6 percent of customers looking to take over a vehicle lease were
approved by the incoming bank. This reading represents the second best month
for approvals, behind the 88 percent approval rate Swapalease recorded during
May.

"Credit is the lifeblood of leasing, and each interested car
shopper must have their credit approved by the lease company holding the
vehicle contract," the site said.

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