Wednesday, Jun. 09, 2021, 02:45 PM
Swapalease.com shared more evidence that the auto-finance market appears to be stable.
On Wednesday, site officials reported vehicle lease credit applicants on Swapalease.com registered a 69.9% approval rate in May. While the approval rate marked a small decrease from the 70.7% approval rate in April, it’s also higher than the same month last year when the approval rate came in at 68.6%.
Swapalease explained in a news release that analysts believe many of their site visitors and vehicle customers have solid credentials available to take over a person’s vehicle lease.
The site also pointed out that 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 currently offered at a dealership.
“Credit strength continues to stabilize due to the figures maintained throughout the first half of 2021 and we believe this will only continue into the second half,” Swapalease.com executive vice president Scot Hall said in the news release.
“Because Americans are either saving or paying down debt with their government stimulus money, consumer credit confidence will ultimately continue to grow leading to larger spending in future quarters,” Hall added.