CINCINNATI -

Coming off consumer-connected improvements in February, analysts at Swapalease.com and Wantalease.com shared their latest findings for approvals for vehicle-lease transfer applications as well as the most favorable leasing deals currently available.

The sites reported this week that several brands offered significant discounts on midsize cars and SUVs, likely a result of falling sales due to COVID-19. They said OEMs are offering aggressive deals on lease payments to attract shoppers and potential buyers.

Analysts found the Nissan Sentra is currently priced the lowest of all vehicles in March, coming in at just $139 per month for the fifth consecutive month.

While many vehicle leasing offers have remained steady in March, the sites noted dealers have offered more aggressive lease pricing on midsize cars and SUVs especially.  In fact, the vehicle that saw the largest price drop moving in the month of March was the Mercedes-Benz GLS 450 with a 17.85% decrease.  The vehicle is offered at $749 per month, followed by the Honda Accord at $249 (down 8.72%), the Volkswagen Jetta for $239 per month (down 7.62%) and the Volkswagen Passat at $289 per month (down 6.39%).

 “We’re seeing manufacturers offer aggressive pricing on most mid-size cars and SUVs as the COVID-19 outbreak has made a significant impact on consumers and their desire to shop for cars and trucks,” said Scot Hall, executive vice president of both Swapalease.com and Wantalease.com.

“With a significant pullback in new-vehicle sales, automakers are looking for ways to attract consumers back into the consideration set for a new vehicle. We fully expect these budget-friendly lease offers to stick around for the next few months,” Hall continued.

Analysts pointed out the vehicles with the largest increased monthly payment are the Mercedes-Benz C300 with a 5.43% increase, and the Ford Expedition with a 3.69% increase in price from February. The C300 is currently offered at $459 per month, while the Expedition is available for $545.

Lease-transfer metrics for February

When it comes to consumers already in vehicle lease and looking to make a change, analysts reported vehicle lease credit applicants registered a 72.3% approval rate in February, an increase from the January rate of 70%.

The sites indicated the desire to have more flexibility in a lease has continued to be a primary driver for more people to seek vehicle leases with shorter terms that they can afford on secondary markets such as Swapalease.com.

Analysts found that February generated a slightly higher number of applicants with qualifications for taking over another person’s lease contract during the month and a higher approval rating. February saw a slight increase in approval ratings compared to February of last year when only 65.9% of lease applicants on the site were approved.

For reference, analysts also noted the approval reading in February 2018 came in at 65.2%, while posting a mark of 72.2% in February 2017 and 70% in February 2016.

“We are seeing an increase in the number of applicants looking to take over another person’s lease in February, as shoppers have been seeking alternative outlets like Swapalease.com to find vehicles with terms that suit their unique and personal needs,” Hall said.

“Shoppers want faster credit decisions and vehicle options available to them, right at their fingertips from the convenience of their own home. We will closely monitor how these trends evolve with COVID-19 on everyone’s minds these days,” Hall went on to say.