CINCINNATI -

Swapalease.com reported lease credit approvals on its website rebounded during October. The rate improved to 74.1 percent compared with 64.5 percent in September.

Site officials indicated roughly three out of every four lease applicants were approved in October, an important indicator given the continued popularity of car and truck leases.

Year to date, Swapalease.com has recorded a lease credit approval rate of 68.6 percent, just shy of the 70 percent rate that is considered normal in the marketplace. Over the last three months, approximately 73.4 percent of all lease applicants have been approved for lease exchanges, according to Swapalease.com.

The site emphasized the timing of the lease credit approvals rate is interesting given the proximity to the holiday shopping season and end-of-year deals.

Swapalease.com executive vice president Scot Hall explained consumers are expected to rely on credit for purchases as the end of 2014 nears. Hall projected online holiday shopping is expected to reach $89 billion in sales this year and up 13 percent from a year ago.

Hall added auto sales are expected to finish the year strong at approximately 16.1 million units sold, up from 15.6 million in 2013.

Swapalease.com anticipates mixed results regarding lease credit approvals in November and December, when vehicle lease shoppers increase their appetite for entry-level luxury models given a boost from holiday advertising campaigns.

The site also pointed out the marketplace has also experienced a larger number of lease credit declines in 2014 from vehicle shoppers with less-than-stellar credit profiles hoping to secure a subprime lease finance package.

“Credit is the lifeblood of leasing and subprime profiles have a more difficult time getting approved by the bank,” Hall said.

“We will be keeping a watchful eye out this holiday season, particularly as car shoppers in all credit profiles look to take over a luxury lease inspired by the ‘December To Remember’ holiday campaigns,” he went on to say.