CINCINNATI –

Swapalease.com determined the approval rate in September for site users taking over a vehicle lease came in at the same level as it was a year ago.

Site officials said last week that the September rate approval stood at 67.6%. While maintaining the pace year-over-year, Swapalease reported that the rate actually softened a bit on a sequential basis since the August approval rate was 71.3%.

Swapalease isn’t too concerned about the drop from the summertime since site officials see that Americans are now contemplating upgrading personal items including cell phones, computers and vehicles to new models.

However, instead of going into dealerships, they said customers are searching sites like Swapalease.com for inventory that may not be available in a traditional dealer setting. 

“Since credit strength continues to rise due to the figures maintained throughout the year, lease credit approvals also continue to stabilize,” Swapalease executive vice president Scot Hall said in a news release.

“Consumer confidence is relatively strong as many households were able to save money while also paying down revolving debt over the last year-and-a-half,” Hall added.