CINCINNATI, OHIO (April 14, 2015) – Swapalease.com, the nation’s largest car lease marketplace, reports lease credit approvals for March tumbled to just 60.0% of lease transfer applicants, with the 2015 average off the average healthy pace at just 63.4%.
Lease credit approval volatility has been apparent over the last six months, with every other month surging above or below Swapalease’s healthy margin of 70% approvals. The company continues to attribute this volatility to continuing trends that include rising borrowing for student loans and an overall increased appetite to take over a lease.
“When the overall volume of applicants continues to rise, it’s not uncommon to also find an increase in credit declines in the secondary market,” said Scot Hall, Executive Vice President of Swapalease.com. “Much of this activity is the result of car shoppers turning to the secondary market after their initial and unsuccessful attempt to lease at the dealer.”
Consumer borrowing to lease and purchase cars and trucks surpassed new highs in February, fueling a record total of $3.343 trillion in credit balances — not including mortgages, according to the most recent data from the Federal Reserve.
According the media reports, consumer borrowing surged by $15.5 billion in February after a $10.8 billion gain in January. Outstanding auto loans and student loans increased by $19.2 billion, the biggest monthly jump since July 2011. That offset a $3.7 billion decline in the credit card category, which totaled $884 billion.
Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.