MenuMENU
SearchSEARCH

Latest Figures on Lease Credit Approvals Showing an Increase for July

Lease credit approvals reached 70.0% in July; Up from 67.6% in June.

August 23, 2021
Latest Figures on Lease Credit Approvals Showing an Increase for July

Lease credit approvals reached 70.0% in July; Up from 67.6% in June.

2 min to read


CINCINNATI, Ohio – Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 70.0% approval rate in July. The approval rate is an increase from the 67.6% rate in June. 

Since credit strength is continuing to stabilize due to the figures maintained throughout the third and fourth quarters, lease credit approvals slightly decreased during the months of May and June.

The July number is also higher than the approval rate at the same time last year, when the approval rate was only at 65.1% after a few months of the pandemic setting in. The increase indicates consumer credit levels are also holding steady as more people are vaccinated from COVID-19. Additionally, households continue to save stimulus relief provided by the government.   

As opposed to consumer borrowing, many are utilizing their savings accrued during the pandemic toward paying debt. With consumers reigning in their credit usage as well as lowering revolving debt, Americans are now looking to upgrade their vehicles to a newer model but are searching channels such as Swapalease.com for inventory that may not be readily available at a dealership. 

 Swapalease.com believes many of its site visitors and vehicle customers have solid credentials available to take over a person’s vehicle lease. The stability to have more flexibility in leasing through economic uncertainly may contribute to an increase in shoppers looking to lease vehicles through the secondary market – where lease payments are much more appealing than what’s offered at a dealership. 

“Since credit strength is continuing to stabilize due to the figures maintained throughout the third and fourth quarters, lease credit approvals slightly decreased during the months of May and June,” said Scot Hall, Executive Vice President of Swapalease.com. “Since Americans were either saving or paying down debt with their government stimulus money, consumer credit confidence ultimately grew. This has led to an increase in credit approvals during the month of July – hinting at larger spending in future quarters.” 

Swapalease.com matches a person wanting out of their existing vehicle lease contract with a car shopper looking to take over a short-term vehicle lease. The marketplace has thousands of cars and trucks available for transfer to anywhere in the continental U.S.

More Fixed Ops

Fixed Opsby StaffAugust 28, 2024

Auto Recalls Down in Q2

Electrical systems fell from the leading reason for the first time in over a year.

Read More →
F&Iby StaffAugust 22, 2024

Mustangs Recalled Over Suspension Defect

2024 models may have casting issue that can lead to loss of control.

Read More →
F&Iby StaffAugust 20, 2024

BMW Recalls Hundreds of Thousands

Potential short-circuit issue covers many brands from model years 2012 through 2018.

Read More →
Ad Loading...
F&Iby StaffAugust 19, 2024

Urban Classification, Business Volume's Affect on Fixed Ops Shown

Reynolds says new report proves improving operational efficiency, engaging technicians in selling maximize profitability, even for very busy service departments.

Read More →
Industryby StaffAugust 8, 2024

Thousands of BMWs Recalled

Starter defect could present risk of fire in various models.

Read More →
Industryby StaffAugust 7, 2024

Nissan Rogue Gone Rogue?

Probe opened to determine whether steering loss incident pervasive or isolated.

Read More →
Ad Loading...
Industryby StaffJuly 24, 2024

BMWs Recalled to Fix Interior Safety Risk

The vehicles' cargo rail may come loose in certain collisions.

Read More →
Industryby StaffJuly 22, 2024

SUV Recalled Over Unintended Rolling

Owners are advised to use emergency brake until the vehicles are repaired.

Read More →
Industryby StaffJuly 19, 2024

Hybrid Vans Recalled Over Fire Danger

Stellantis warns owners to park them away from structures till it works out a fix.

Read More →
Ad Loading...
Product & Technologyby StaffJuly 10, 2024

Used-Vehicle Owners Warned of Faulty Air Bags

Recent deaths, disfigurements blamed on replacement bags made by disreputable sources.

Read More →