CINCINNATI -

More applicants who already have a large amount of debt are taking a toll on approval levels at Swapalease.com.

Site officials reported on Wednesday that lease credit approvals during the month of May came in at 60.6 percent — the lowest monthly level of the year and down from January when the approvals rate stood at 70.6 percent.

Despite the overall approvals rating sliding down from the 2014 high in January, Swapalease.com attributed the recent slide to a significant higher number of applications during the last two months.

In fact, 44.7 percent more applications have been processed in May and April compared to the previous two months. Regardless, Swapalease.com considers the 70 percent approval mark to be “healthy” for the marketplace.

Officials also acknowledged that what a difference a year makes.

The year-to-date approvals rating so far in 2014 stands at 65.9 percent, compared with 75.3 percent the same time a year ago. In addition to a higher number of credit applications overall, Swapalease.com executives attribute the slide to an increased number of younger drivers with less-than-stellar credit applying to take over a vehicle after also being turned away at a dealership.

“Since credit is analyzed differently through a lease transfer and the monthly price has already been determined, many car shoppers look to simply take over an existing lease,” Swapalease.com executive vice president Scot Hall said.

“Particularly with student loan debt still at high levels, many younger car shoppers continue to face an uphill battle in seeking to buy or lease transportation,” Hall continued.

Hall went on to mention an increased appetite for consumer debt growth also contributes to the falling approvals rate.

Citing data from the Federal Reserve, Swapalease.com pointed out total consumer credit increased by $26.85 billion in April, to $3.18 trillion.

Site officials added that the Fed also stated this pace of consumer debt was growing at a 10.2 percent annual rate, an increase that must be taken into account when car shoppers apply to take over a lease.