Swapalease.com reports lease credit approvals during the month of February were at 66.6 percent, down from the 70.5 percent level in January and 73.3 percent level in December of 2013.

Officials indicated February’s rate was the lowest since September of last year when the marketplace saw just 62.9 percent approvals from credit applicants.

So far in 2014, the site noted the credit approvals rate stands at 68.3 percent, close to the level Swapalease considers “healthy” at 70.0 percent.

Over the last 12 months, the credit approvals rate has averaged 71.8 percent.

Officials acknowledged February is typically a lower-than-normal month, though, and last year’s monthly figures were just 60.0 percent for approvals, a marked improvement from the same period a year ago.

One demographic that continues to weigh on Swapalease.com’s credit approval rate comes from recent graduates.

Finaid.org says student debt reached $1.17 trillion last week, up from $1 trillion in 2012. All of this debt is making it more difficult for grads and their families to qualify for a car loan.

“Our 12-month average for lease credit approvals continues to trek above the ‘healthy’ benchmark, which shows the continued strength in the lease market,” said Scot Hall, executive vice president for Swapalease.com. “Credit is the lifeblood of leasing, though, so we’ll continue to keep a watchful eye on broader economic factors that could impact the monthly approval data.”