As the site tried to pinpoint a potential reason why, Swapalease.com reported on Monday that vehicle lease credit approval dropped by 14 percent on a sequential basis when looking at May’s rate compared to the April reading.

Analysts indicated May registered a 61.1 percent approval rate, representing what they described as a “significant” drop from the approval mark in April of 69.9 percent.

As consumer confidence decreases, Swapalease.com is considering that the trend may be pulling credit approvals down with it.

Consumer confidence weakened slightly in May, dropping to 92.6, down from 94.7 in April, according to The Conference Board. As the year continues, consumer confidence is forecasted to follow a downward trend resulting in potentially lower numbers for lease credit approvals.

While overall lease rates have remained healthy and even at record levels, industry observers have pointed to data that show a peak in the automotive market. This sentiment, combined with data that show fewer jobs added recently, hints at a consumer mindset that could grow weary in the coming months.

“We feel we’re entering a period of the market where sales remain hot for the most part, but outside indicators show the possibility of change on the horizon,” said Scot Hall, executive vice president of Swapalease.com.

“I think we can expect the lease credit approval numbers to remain volatile as the year progresses due to fluctuating consumer confidence,” Hall went on to say.