Auto lease credit approvals fell slightly in November compared with October and year-to-date approvals for customer credit finished November at 72.6 percent, compared with October levels of 72.8 percent, according to Swapalease.com, a national car lease marketplace.

The lease credit approval rating over the last three months slipped to 67.9 percent, and under the 70 percent level considered to be healthy by Swapalease.com. The credit approval rating has been on a downward trajectory since a 2013 high of 75.6 percent in July. November approvals registered 70.0 percent exactly, compared with 61.1 percent approvals in November 2012.

Since the start of summer, more college graduates have started shopping for a car on Swapalease.com, and the company believes a growing number of applicants feeling student loan pressures have played a larger role in the credit decline category.

"Swapalease.com has historically had a large demographic audience between thirty-five and fifty-five, but in the last few years our marketplace has appealed to other age groups that also include recent graduates," said Scot Hall, executive vice president of Swapalease.com. "Credit is the lifeblood of leasing, and each bank must evaluate the credit history of each applicant interested in taking over a lease."

Applicants who do not meet the bank approval criteria are offered credit repair options from Swapalease.com and are eligible to re-apply over time. Company officials believe the credit approvals rate will continue to shift in the coming months. However, similar to the broader automotive industry, where auto lending has improved considerably since the recession, Swapalease.com credit approvals are markedly improved compared with the last two years.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry