CINCINNATI -

Swapalease.com reported that the rate of vehicle lease transfer approvals softened a bit during the opening month of the year compared to the closing month of 2019.

But compared to the start of the past two years, the January reading represented a notable improvement.

Site officials determined vehicle lease credit applicants registered an approval rate in January of 70%, a decrease from the December rate of 72%.

While the rate dipped on a sequential basis, Swapalease.com pointed out the January reading was much better than the start of 2019 when it was 67.5% as well as the opening month of 2018 when the rate came in at just 57.8%

Site officials explained January has historically been slightly lower on lease applicant volume following the rush of holiday lease shopping to close out the year.

“Shoppers who are looking to lease a new vehicle are relying heavily on sites like Swapalease.com to find more competitive terms and pricing than dealers are offering on their lots,” said Scot Hall, executive vice president of Swapalease.com.

“As consumers begin to receive their tax returns, we anticipate a spike in shoppers who may have been waiting until tax season to lease their next vehicle,” Hall added in a news release.