Customers are getting approved for car leasing at a fast pace these days, according to data from SwapALease.com. The online auto lease marketplace, which matches current lessees who want to get out of their leases with new customers wanting to take over car leases, said 77.3 percent of its customers were approved during April, an increase of 7.3 percentage points over the prior month.
Credit approvals for car leasing are currently averaging 73.6 percent for the first four months of 2013, compared to just 57.5 percent for the same time period in 2012. SwapALease.com noted that the car lease transfer process does not have a negative impact on either party's credit score. In fact, outgoing lessees become listed as having completed their payment requirements once the lease transfer is completed, making it a great option for consumers who are facing declining credit scores as a result of difficulties making car lease payments.
Do you prefer car leasing over buying a car? What advantages did you find? Were there any disadvantages?
To learn more about lease transfers, read Bankrate's "Want out of a car lease? Try trading."
Tara Baukus Mello writes the cars blog as well as the weekly Driving for Dollars column, providing both practical financial advice for consumers as well as insight into the latest developments in the automotive world. Follow her on Facebook here or on Twitter @SheDrives.