Swapalease.com reported that the approval rate for vehicle-lease credit applicants on its website finished 2019 at a strong pace.
Site officials reported this week that the approval rate came in at 72%, marking a rise from the November rate of 67.1%.
Swapalease.com found that December contained a slightly higher number of applicants with qualifications for taking over another person’s lease contract, leading to one of the highest approval rates for the year. September was the strongest month of the year with a 72.9% approval rate followed by May with a 72.4% approval rate.
The site pointed out the approval rate to finish the year was consistent with 2018 data that showed 71.4% of applicants were approved.
December’s rate also marked a notable improvement compared to the end of 2017 when only 62% of applicants were approved. To finish 2016, the approval rate was even softer as Swapalease.com recollected that it was just 54.2%.
Swapalease.com executive vice president Scot Hall examined the approval trends and offered this assessment.
“In 2018, we reported on the strength and confidence of the American consumer in the economy with consistent improvements in credit approval ratings throughout the year,” Hall said in a news release. “In 2019, we saw even stronger approval ratings as well as an increase in shoppers seeking alternative outlets such as Swapalease.com for their next vehicle.
“We anticipate continued strength entering 2020, but it will be interesting to see if any changing interest rate levels will impact credit approval rates,” he went on to say.