Swapalease.com reports that lease credit approvals for March took a tumble again, extending a string of swings above and below what the site considers to be a healthy reading.

For March, credit approvals came in at just 60.0 percent of lease transfer applicants with the 2015 average off the average healthy pace at just 63.4 percent.

Analysts noticed lease credit approval volatility has been apparent during the last six months, with every other month surging above or below Swapalease’s healthy margin of 70 percent approvals. The company continues to attribute this volatility to continuing trends that include rising borrowing for student loans and an overall increased appetite to take over a lease.

 Consumer borrowing to lease and purchase cars and trucks surpassed new highs in February, fueling a record total of $3.343 trillion in credit balances — not including mortgages, according to the most recent data from the Federal Reserve.

According to the Fed consumer borrowing surged by $15.5 billion in February after a $10.8 billion gain in January. Outstanding auto loans and student loans increased by $19.2 billion, the biggest monthly jump since July 2011. That offset a $3.7 billion decline in the credit card category, which totaled $884 billion.

Site activity coupled with data shared by the Fed didn’t surprise Swapalease executive vice president Scot Hall.

“When the overall volume of applicants continues to rise, it’s not uncommon to also find an increase in credit declines in the secondary market,” Hall said.

“Much of this activity is the result of car shoppers turning to the secondary market after their initial and unsuccessful attempt to lease at the dealer,” he continued.