Tag Archives for: Swapalease

SWAPALEASE.COM IDENTIFIES TREND WHERE DEALERS ARE BUYING OUT MORE EXISTING LEASED VEHICLES TO ALLEVIATE INVENTORY SHORTAGES

October 20, 2021

SWAPALEASE.COM IDENTIFIES TREND WHERE DEALERS ARE BUYING OUT MORE EXISTING LEASED VEHICLES TO ALLEVIATE INVENTORY SHORTAGES

New Trend Helps Brands Like Honda and Nissan See the Value of Modernizing Their Lease Policies

CINCINNATI, OHIO (October 20, 2021) – Swapalease.com, the nation’s largest car lease marketplace, released today new data that uncovers a growing trend in auto leases that is directly tied in with the ongoing microchip shortages and new-vehicle dealership inventory challenges.

Over the past 12 months Swapalease.com is seeing a nearly 500% increase in the number of leases getting bought out in its nationwide online marketplace. These leased vehicles are listed typically between 15 and 20 months old, and in many cases have less than 25,000 miles making them an extremely attractive source of used vehicle options on the dealer lot.

Customers greatly benefit on both end of the spectrum: 1) buyers at dealers have access to more used vehicle inventory and more selection to choose from; and 2) people listing vehicles on the Swapalease.com marketplace from brands with unfavorable and outdated lease policies are having more success escaping their lease contracts.

Brands such as Honda, Nissan, and Kia have traditionally made it extremely difficult for their lease customers to transfer leases for a variety of life reasons that have nothing to do with vehicle or brand preference. In many cases people want to remain with the same brand for their next vehicle, but the frustrations associated with transfer obstacles force people to eventually choose a different brand in their next car or truck. The current dealer lease buyout climate is offering these brands a glimpse at how modifying their policies might benefit them going forward.

“Many people simply want or need to change vehicles because they are having a new baby or are moving to a different part of the country and their existing car or truck no longer works for them,” said Scot Hall, Executive Vice President of Swapalease.com. “They are happy with the brand they are with, but the difficult experience drives them into another brand. Hopefully, the current situation helps these brands see the value in modifying and modernizing their lease policies especially once the market normalizes.”

About Swapalease.com:

Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.

 

SWAPALEASE.COM RELEASES LATEST FIGURES ON LEASE CREDIT APPROVALS SHOWING SLIGHT INCREASE FOR FEBRUARY 

March 15, 2021

 

SWAPALEASE.COM RELEASES LATEST FIGURES ON LEASE CREDIT APPROVALS SHOWING SLIGHT INCREASE FOR FEBRUARY 

 

 

 

 

Lease Credit Approvals Reached 70.8% in February; Up Slightly from 68% in January 

 

 

 

 

CINCINNATI, OHIO (March 15, 2021) –Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 70.8% approval rate in February. The approval rate is a slight increase from the 68.3% approval mark that opened up the new year in January. 

 

The February number is just off slightly from the same time last year, when the approval rate was at 72.3% right before the beginning of the pandemic. The steady numbers indicate consumer credit levels are also holding steady, perhaps as a continued sign of the ongoing stimulus relief provided by the government.  

 

According to recent Federal Reserve data, consumer borrowing decelerated again in January, which may suggest that Americans are using the latest stimulus checks to pay down debt. Total consumer credit decreased $1.3 billion In January, the Fed said. That’s an annual decline at a 0.4% rate and follows a 2.5% gain in the prior month. 

 

Swapalease.com believes many of its site visitors and vehicle shoppers have solid credentials available to take over a person’s vehicle lease. The inclination to have more flexibility through leasing amidst economic uncertainly may contribute to a rise in shoppers who are looking to lease vehicles through the secondary market, where lease payments are more attractive than what is currently offered at the dealership. 

 

“Given that the year has started out with credit-stability figures that were maintained throughout the third and fourth quarters, we believe in the short term this stability will continue,” said Scot Hall, Executive Vice President of Swapalease.com. “The latest and recently signed stimulus package, combined with the accelerated momentum we’re seeing with vaccine rollouts should further strengthen the outlook for credit in the months ahead.”   

 

Swapalease.com matches a person wanting out of their existing vehicle lease contract with a car shopper looking to take over a short-term vehicle lease. The marketplace has thousands of cars and trucks available for transfer to anywhere in the continental U.S. 

 

About Swapalease.com:  

Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com. 

 

SWAPALEASE. COM RELEASES ITS FOURTH QUARTER LEASE TRENDS REPORT FROM 2020

February 17, 2021

SWAPALEASE.COM RELEASES ITS FOURTH QUARTER LEASE TRENDS REPORT FROM 2020

Tesla and BMW Continue to Steal Marketshare from High-End Competitors

CINCINNATI, OHIO (February 17, 2021) – Swapalease.com, the nation’s largest car lease marketplace, unveiled today its lease trends report from the fourth quarter of 2020, offering insight and perspective into the auto lease trends shaping today’s automotive retail and consumer preferences. Click here to download the report.

The report looks at vehicle lease payment, term, shopping consideration and driver preference trends within vehicle leasing in the fourth quarter of 2020. Among the most notable trends, consumer searches for Tesla vehicles on the Swapalease.com marketplace increased 55% over the last twelve months, among the largest increases by any brand in recent history for the marketplace.

“The consumer demand for Tesla is very real, and while Tesla doesn’t have a traditional retail network, the vehicle’s makeup positions it perfectly for a lease environment,” said Scot Hall, Executive Vice President for Swapalease.com. “As it’s in the luxury category, many drivers enjoy the ability to lease rather than finance a Tesla. Furthermore, drivers feel the battery technology is improving at a rapid rate and enjoy the ability to change or upgrade every few years.”

The report also illustrates where BMW’s percent of total traffic reached 19% during the fourth quarter, up from 17% during the third quarter. Conversely, Mercedes-Benz declined from 8% down to 7% during the same time period.

Other foreign brands such as Honda, Acura, Nissan and Infiniti also continue to see falling search numbers in the marketplace. While these brands have traditionally experienced higher-than-average lease rates, they continue to experience lower-than-average search traffic and demand in the marketplace due to their unfavorable lease and lease transfer policies.

According to the report, Americans paid an average of $519.46 per month on their leases during the 4th quarter, down from $521.90 in the 3rd quarter. The report also shows that the average incentive has dropped from $583.65 in the 3rd quarter down to $545.66 in the 4th quarter.

For a look at the lease trends please download the report here.

About Swapalease.com:

Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.