2013 has so far been a strong year for car lease credit approval, according to new data from auto lease marketplace Swapalease.com, which matches people looking to get out of their vehicle lease with people looking to enter a short-term lease.
SwapLease said this week that 77.3% of its customers have been approved during April, compared to 70% in March. Year-to-date, 73.6% of Swapalease.com customers have been approved, compared with 57.5% during the first four months of 2012. The first four months of 2011, meanwhile, saw an approval rate of 68.3%. SwapLease says the latest statistics indicate the "strongest credit health since the recession."
Scott Hall, executive vice president of Swapalease.com, said in the company's press release that 2013's positive change is a result of a number of factors. "Key economic factors such as continued job growth, low gas prices and a healing housing market have all helped personal credit levels, allowing more consumers with credit approvals."
SwapLease.com has more than $3 billion of vehicles listed and bills itself as "the largest automotive lease marketplace." To date it has transferred over $750 million of leased vehicles.