Make it 3 months in a row of 80% lease approvals

Swapalease.com reported lease credit approvals have finished above 80.0 percent approvals mark during the last three months. The development marks the first time approvals have shown this level of success in more than two years.

So far in 2015, site officials indicated, lease credit approvals rate have moved up to 72.2 percent.

The site also pointed out that lease credit approvals saw a “noticeable” jump from the same month a year ago, when just 64.5 percent of approvals were passed compared with the 80.0 percent this September.

“Whereas earlier this year we were seeing more turbulence from month to month on the approvals rate, we’re now getting to a point where a healthy approvals rate is more consistent,” said Scot Hall, executive vice president of Swapalease.com.

“We expect to finish the year trending in this direction but will keep an eye on what happens with any interest rate decisions and how that may impact lease approvals levels,” Hall added.

To recap, Swapalease allows a person to transfer out of their existing vehicle lease contract by allowing them to find an interested shopper looking for a short-term lease opportunity. Drivers looking to escape must have their credit approved by the lease company before any transfer of contract can take place.

Additionally, existing lease contracts for vehicles under recall must show documentation of repair before the lease company will complete the transfer.