While vehicle lease credit approvals increased slightly in September from August, 2016 approvals have mostly been on the decline and downright volatile, found U.S. car lease market Swapalease.
Car lease credit applicants registered a 64.7 per cent approval rate for September, up from the previous month at 57.7 per cent.
But a year ago the approvals rate reached 80 per cent during the same month. Lease credit approvals have yet to exceed 70 per cent in any month this year.
Swapalease said this can mostly be attributed to the rising number of overall applicants, which tends to result in a larger number of non-approvals.
“The larger number of non-approvals may seem like we should be sounding the alarms, but it’s a reflection of a large number of overall applicants due to the continued high interest in leasing,” said Scot Hall, Executive Vice-President of Swapalease.com, in a written release.
“While the industry itself has reached a plateau for sales activity, leasing overall will continue to remain near record-highs in the foreseeable future.”
