Swapalease.com reported that lease credit approval rates of registered applicants are noticeably down in comparison to last year. October's rate was 61.5 percent, a decrease from 75 percent a year prior.
And October's rate was down 4.9 percent from September.
Swapalease.com said lease credit approval rates have shifted from month to month throughout the year.
"We expect the numbers to remain low for the rest of the year as more people continue to apply for lease credit," said Scot Hall, executive vice president of Swapalease.com. "The broader automotive industry is expected to finish the year just shy of last year's sales figure, which in the larger picture demonstrates a lot of sales activity."
Within the last three months, the company’s lease credit approvals rate has been just 60 percent.
The rising number of overall applicants tends to also result in a larger number of non-approvals.
Swapalease.com points to an increasing number of applicants with a diverse credit standing health who continue to apply for leases as to why they’ve seen changes in approval rates all year.