October auto lease prices remain steady after September approval rate drop

CINCINNATI - 

The auto lease credit approval rate in September registered the lowest percentage seen this year, according to data from Swapalease.com.

The approval rate fell to 47.6 percent following a relatively strong August, when the rate was 68.3 percent, according to Swapalease.

Hurricanes Harvey and Irma have likely contributed to September's notably low rate.

Last month, Swapalease.com saw an influx of auto shoppers impacted by the hurricanes visit its marketplace.

Shoppers included a higher number of people with credit that was not approved by the lease companies.

“Following the destruction of the hurricanes that hit the U.S. in September, many consumers have been more focused on recovering from the storms, including vehicle replacements,” Swapalease executive vice president Scot Hall said in a news release. “We expect these numbers to even out in the coming months as auto shopping returns to a more normal environment heading into the end of the year.”

Additionally, most new auto leases have either maintained or decreased in price since last month, according to data generated by Swapalease sister marketplace Wantalease.com.

“Prices on popular leased vehicles are remaining steady as we head into fall,” Hall said. “As the holiday season approaches, as well as end-of-year deals, more dealers will proceed to try to find ways to attract lease shoppers looking for presents for loved ones or just a good deal on a vehicle to close out 2017.”

This month, a total of 24 vehicles have maintained their September prices.

There are 16 vehicles available for $200 per month or less, and three models currently offered for less than $150 per month.

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