It seems lately just about every lease application is being declined by the leasing companies.....even for customers who have been with us for a long time. How are you handling the situation with the customer?
Sincerely,
Frustrated
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I've had three shot down in the past week which really hurts as things get tougher and tougher out there. 
I understand that the the lease approval rate in our business has gone from 70% down to 35% or 40%.
When all else fails, we use a risk based lender with a PG.
quote:I understand that the the lease approval rate in our business has gone from 70% down to 35% or 40%.
From ELFA, the Equipment Leasing and Financing Association March 13:
"Credit approvals reached another historic low (65.2 percent)."
I expect this to be updated soon.
http://www.elfaonline.org/pub/...s_report.cfm?ID=9621
It's possible that the approval rating for "copiers" is different than the overall rating for "all equipment", but historically they seem to have tracked closely.
Obviously that 65.2% could include, for example, 95% approval of leases submitted in Kansas and 10% of leases submitted in Miami, or similar geographic issues.
Customers can get pretty offended when you tell them you are having difficulty getting them a lease. I hate being the bearer of bad news.