CINCINNATI—Lease credit approvals finished 2015 at 70%, according to Swapalease.com.
The company stated that the annual mark indicates a “healthy” rate of lease approvals, coming in at the level Swapalease.com had forecasted for 2015.
November and December lease credit approvals slipped slightly, bringing the moving 12-month approvals average down from a high of 77.9% back in August. Despite the end-of-year downswing, lease approvals during 2015 mirrored the broader automotive industry with rising lease credit approvals compared with previous years. The lease credit approvals rate finished at 69.0% in 2014.
“Interestingly enough, the approvals rate for December 2014 saw lowered numbers as well, with just 60.9% of car shoppers gaining approval to take over a leased vehicle,” the company stated.
The end-of-year downshift also mirrored the broader economy’s trend for growth in consumer borrowing. Outstanding consumer credit rose by a revised annual rate of 4.8% during November, its slowest pace since January and a drop from the 9.9% notched in September, Swapalease.com noted.
“For what could be a variety of reasons, lease credit approvals have slowed down at year end over the last few years,” said Scot Hall, EVP of Swapalease.com. “Looking ahead into the spring, it will be interesting to see if we experience the same level of monthly volatility as we have the past few years.”