CINCINNATI -

Swapalease.com reported on Wednesday that lease credit approvals during November continued to increase, fueling even more end-of-year momentum for lease applications and vehicle exchange rates.

Site analysts noticed November’s reading marked the second-highest monthly lease approvals rate, coming in at 84.2 percent. They recapped that the August rate was 85.7 percent.

Swapalease explained that the monthly approvals rate was driven by early holiday lease campaigns and offers with a rising number of lessees exchanging vehicles from brands such as Chrysler, Mazda, Jeep, GMC, Ford, Buick and Chevrolet.

Among luxury brands, Lexus saw its typical seasonal jump in exchange requests, according to the site.

Year-to-date, Swapalease.com has recorded a lease credit approvals rate of 69.7 percent, the highest year-to-date rate since January when 2014 started out with a 70.6 percent approval rate.

Swapalease executive vice president Scot Hall pointed out that lease approvals are expected to maintain their recent momentum driven largely by the consumer’s appetite to leverage lease finance options in the showroom.

According to Experian, more than 29 percent of total vehicle sales were written as leases during the third quarter. With many auto industry insiders predicting nearly 17 million cars sold next year, Swapalease.com believes the lease penetration rate will rise above 30 percent in 2015.

“Lease deals will continue to rise over the next several months as car sales increase and used car values maintain their strong retention rates,” Hall said.

“What’s more, leasing is gaining popularity among millions of consumers who now view their car as just another monthly payment,” he added.