CINCINNATI—Lease credit approvals have topped the 80% approvals mark for the last three months, according Swapalease.com, which reports it is the first time approvals have shown this level of success in more than two years.
Through September, the lease credit approvals rate has improved to 72.2% on the year.
“Earlier this year we were seeing more turbulence from month to month on the approvals rate, we’re now getting to a point where a healthy approvals rate is more consistent,” said Scot Hall, executive vice president of Swapalease.com. “We expect to finish the year trending in this direction but will keep an eye on what happens with any interest rate decisions and how that may impact lease approvals levels.”
Lease credit approvals also saw a noticeable jump from the same month a year ago, when just 64.5% of approvals were passed compared with the 80% this September.