CINCINNATI -

The approval rate at Swapalease.com closed 2020 on a high note, prompting an “optimistic” outlook for this year.

Site officials reported on Tuesday that the approval rate for applicants looking to take over a vehicle lease came in at the highest rate of the year in December, registering in at 72.7%.

That reading to round out 2020 marked quite a turnaround for approvals compared to when the pandemic started. Swapalese recollected that the April approval reading sunk to 63.8%, marking the lowest rate reported since January 2018.

The reading to finish 2020 also was similar to how 2019 and 2018 concluded, too. Swapalease noted the December 2019 approval rate was 72% while the December 2018 stood at 71.4%.

With the holiday season being an optimal time to buy or lease a vehicle, site officials said it is no surprise that approval ratings saw an increase in December.

According to Experian’s State of the Automotive Finance Market Report, in the second quarter of 2020, nearly 26% of new vehicles were leased. While this number is down from pre-pandemic levels, Swapalease highlighted that many of its site visitors have solid credentials available to take over a person’s vehicle lease.

Officials added that the inclination to have more flexibility through leasing amidst economic uncertainly may contribute to a rise in shoppers who are looking to lease vehicles.

“The automotive industry took a hard hit in early 2020, especially as stay-at-home mandates were implemented and businesses were temporarily shut down,” Swapalease.com executive vice president of operations Scot Hall said in a news release.

 “We’ve continued to see slight increases month-over-month since May, and we’re optimistic at the outlook for the 2021 calendar year,” Hall added.