Swapalease sees July credit approvals maintain near steady pace
While some industry metrics are moving more significantly, Swapalease.com is seeing only modest changes in approval rates for consumers using its site to secure a short-term transportation solution.
Site officials reported earlier this week that lease credit applicants registered a 65.1% approval rate in July, a slight decline from the June rate of 67.1%.
Swapalease noticed July included a higher number of applicants with qualifications for taking over another person’s lease contract yet saw a slight decrease in the number of applicants who were approved. The approval ratings are also slightly lower than the same month during the past two years.
Last July, approximately 69.1% of applicants were approved, and in July of 2018, a healthy 71.2% of applicants gained approval, according to Swapaleae.
Site officials acknowledged approval rates have continued to fluctuate since January when the spread of COVID-19 first began. The approval rates continued to rise in January and February with slight fluctuations each month from March to July.
“While the Consumer Financial Protection Bureau reported credit applications for automotive loans fell between 30% and 50% since March, we’ve been fortunate to see an increase in shoppers and credit applications to take over another person’s lease each month,” Swapalease executive vice president Scot Hall said in a news release.
“Shoppers are looking for alternative means to vehicle acquisition, and sites like Swapalease.com make that possible. Shoppers want short-term commitments with low risk during unprecedented times,” Hall went on to say.