CINCINNATI -

Swapalease.com reports lease credit approvals entering August rose as sharply as summertime temperatures, registering an increase of 17.5 percent above July activity.

All told, the volume of vehicle lease applicants who were approved to take over a contract on the Swapalease.com marketplace during July came in at 84.6 percent.

The site also noted the year-to-date approvals rate improved to 70.3 percent, marking a steady rise from February when the rate was just 65.5 percent.

Swapalease executives noted that July approvals activity was markedly high during the same time last year, when 81 percent approvals took place.

Swapalease. executive vice president Scot Hall explained the strong lease credit approvals rate follows the recently announced strong consumer credit report for June, when credit borrowing grew 7.3 percent with an additional $20.7 billion according to the Federal Reserve.

In fact, Hall mentioned the June increase marked a gain of at least 7 percent in three of the past four months, signaling continued strength in the economy, particularly for non-revolving debt which includes auto loans.

“The positive momentum continues to pick up steam, with July showing the strongest approvals rate so far this year, and the strongest since last August,” Hall said.

“The collective industry is watching to see how long this momentum continues, especially for key areas such as lease credit, car sales and the broader economy,” he added.