GMAC Returns to Car Leasing — In a Small Way
You might remember that last year GMAC (General Motors Acceptance Corporation), who was/is the captive finance company for all GM, Chevrolet, Pontiac, Hummer, Cadillac, and Buick dealers, decided to eliminate leasing as a financing option for it’s customers.
General Motors car dealers were forced to establish individual relationships with local or national banks, credit unions, and finance companies if they wanted to continue to offer leases.
Now GMAC says times are better and they will get back into car leasing again, but in a limited way at first. First, this new lease financing will be available in only 45 states, except for Michigan, Ohio, New Jersey, New York, and Connecticut, where the company already has a trial program already going on.
Furthermore, the new lease financing will only be offered on a few select GM vehicle makes and models — 2009 versions of the Cadillac CTS, Chevrolet Malibu, and Traverse, as well as 2010 versions of the Chevrolet Equinox, GMC Acadia, Buick Enclave, and Buick LaCrosse.
It’s yet to be seen if the leases that will be offered will be good deals or not. In the past, GMAC offered “subvented” lease deals that included good price discounts, low money factor, and high lease-end residual values, all of which contributed some excellent deals with low monthly payments.
If you have never leased before or don’t understand how car leasing works, we suggest that you educate yourself so that you will know a good deal when you see it, and so that you don’t make mistakes. A good web site to learn about leasing is LeaseGuide.com.
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