Auto Lease Credit Approvals Increase In January
Consumer Credit Continues Positive Signs Entering New Year
CINCINNATI--March 14, 2013: National car lease marketplace Swapalease.com reports its latest lease customer credit approval information, with positive trends continuing into 2013. According to U.S. Bank data, January credit approvals on Swapalease.com were 23.1% higher compared with the average approvals rate during the last five months of 2012.
Customer credit declines in January were down 20% during the same time of comparison. Credit is the lifeblood of vehicle leasing, and every buyer on the Swapalease.com marketplace must be credit-approved by the leasing company prior to a successful transfer.
"We're continuing to see a resilient economy bounce back from the recession of a few years ago," said Scot Hall, Executive Vice President of Swapalease.com. "All eyes right now are on watching if the trend can continue following the payroll tax increase and the recent sequestration, two events that still may have negative consequences on consumer finances."
January credit approvals were just slightly off the mark set in December (-5.9%), but credit declines were also lower than what was recorded in December (-20%). U.S. Bank is the largest non-captive lease company working with the Swapalease.com marketplace.
Looking at a year-over-year comparison, January credit approvals were 60% higher compared to January 2012 approval rates. The number of customers declined also dropped by 42.9% compared with January 2012 rates.