After bottoming out in September, Swapalease.com noticed a rebound in vehicle lease transfer approvals in October.
The site reported that vehicle lease credit applicants registered a 55.6 percent approval rate for October. The lease credit approval rate improved over previous month’s rate of just 47.6 percent, which represented the lowest percentage of approval so far in 2017.
Swapalease.com explained that consumer confidence is likely playing a role in the improvement in automotive lease credit approval numbers.
During the month of October, consumer confidence reached the highest level seen since December of 2000, according to CNBC. Analysts explained this increase in consumer confidence suggests that the remainder of 2017 could see favorable economic conditions, which may result in a positive impact on auto lease credit approval rates.
During the last three months, Swapalease.com noted that the vehicle lease credit approval rate has registered at just 59.2 percent, similar to what the numbers showed the same time a year ago (60.2 percent) entering the final months of the year.
“We’re hopeful that the lease credit approval rate will continue to increase as we close out the year,” said Scot Hall, executive vice president of Swapalease.com. “However, we’ll certainly keep an eye on these trends as end-of-year sales and incentives may draw more than average shoppers, which could bring back the credit approval fluctuations.”