Lease Credit Approvals Jump 33.3 Percent in February

CINCINNATI, OH--(Marketwired - March 09, 2017) - Swapalease.com, the nation's largest car lease marketplace, reports car lease credit applicants registered a 72.2% approval rate for February, up by 33.3 percent change from January, which had just a 50.0% approval rate. A year ago, the approvals rate was also 72.2% during the same month.

After last month's record low approval rate (50.0%), February has shown a significant improvement in the number of lease credit approvals. The last time lease credit approval rates registered this high was October, 2015, when the lease credit approval rate was 75.0%.

The rise in February lease applicant approvals came during a month when the pace of new lease originations slowed. According to a report in Automotive News, lease activity on new vehicles was 29.7 percent, down from 33.2 percent in the year-earlier month.

"We've had a string of down months lately, but with the volatility in lease credit approvals currently, it was expected that we would see a bounce back in higher approvals," said Scot Hall, Executive Vice President of Swapalease.com. "We do not believe there is anything special about February lease applicants, but it is interesting to know February also saw a high approval rate a year ago."

Swapalease.com matches a person wanting out of their existing vehicle lease contract with a car shopper looking to take over a short-term vehicle lease. The marketplace has several thousands of cars and trucks available for transfer to anywhere in the continental U.S.

About Swapalease.com:

Headquartered in Cincinnati, Ohio, Swapalease.com is the world's largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com's safe online system to contact the prospective seller and close the deal. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.