Successful applications for vehicle-lease transfers closed 2018 on a positive note, generating the second-highest reading of the year.
Swapalease.com reported on Monday that vehicle-lease credit applicants registered a 71.4 percent approval rate in December, representing a rise from the November reading of 68.9 percent.
Site officials highlighted December experienced a slightly lower number of applicants with qualifications for taking over another person’s lease contract during the month, yet one of the highest approval rates.
Swapalease.com added that this past December saw a significant increase in approval ratings from the December 2017 approval numbers. That’s when 62 percent of lease applicants were approved.
Since January 2018, site officials went on to mention lease credit approval ratings rose consistently throughout the year and experienced only slight fluctuations between 57.8 percent and 72.6 percent.
August was the strongest month of the year, followed by December.
“Reflecting on the credit approval ratings for lease applicants in 2018 speaks to the confidence of the American consumer in the economy this past year,” said Scot Hall, executive vice president of Swapalease.com.
“With new lease prices slightly increasing, incentives on new leases falling at the dealership, it’s not surprising shoppers continued to seek alternative outlets such as Swapalease.com for their next vehicle,” Hall went on to say.