Rate of credit application approvals rises for buyers of car leases
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LeaseTrader.com, which operates a market for people to sell their car leases, said the rate of credit application approvals increased for first-time customers during the final quarter of 2010.
Credit application approvals increased by 4.5% since the start of October and have continued in positive territory to begin 2011, the company said.
LeaseTrader.com requires all car shoppers to verify creditworthiness before linking them with someone trying to sell their car lease.
‘Having good credit is arguably the single most important factor in anyone’s ability to lease a vehicle,’ said Sergio Stiberman, chief executive of LeaseTrader.com. ‘We view this positive indication as key to the health of the overall leasing environment. It’s one thing to offer great lease deals but you’ve got to have customers with good credit to sign on the dotted line.’
U.S. auto sales rose 17.3% in January to almost 820,000 compared with the same month a year earlier.
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-- Jerry Hirsch
Twitter.com/LATimesJerry
