September lease approvals rebound above 60%
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CINCINNATI –
Swapalease.com reported that lease approvals rebounded in September, but year-to-date trends remain off from the pace analysts saw in 2015.
The site indicated vehicle lease credit applicants registered a 64.7-percent approval rate for September — a notable increase from August's reading of 57.7 percent.
A year ago the approvals rate reached 80.0 percent during September.
Swapalease.com acknowledged that this year’s lease credit approvals have been mostly on the decline, as well as volatile, from month to month. This year’s totals are down compared to last year, mostly due to the rising number of overall applicants, which tends to result in a larger number of non-approvals.
In fact, Swapalease.com pointed out lease credit approvals have yet to exceed 70 percent in any month this year.
“The larger number of non-approvals may seem like we should be sounding the alarms, but it's a reflection of a large number of overall applicants due to the continued high interest in leasing,” said Scot Hall, executive vice president of Swapalease.com.
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“While the industry itself has reached a plateau for sales activity, leasing overall will continue to remain near record-highs in the foreseeable future,” Hall went on to say.
