Cars Blog

Finance Blogs » Cars » Credit OKs rise for car leases

Credit OKs rise for car leases

By Tara Baukus Mello · Bankrate.com
Tuesday, May 21, 2013
Posted: 4 pm ET

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.

«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
Add a comment

(Comments may take 5-10 minutes to appear)