As was predicted last week, General Motors has announced a new leasing program, evidence that it is slowly but surely re-entering the leasing market in the hopes of revitalizing some of its lost sales--especially for its luxury brands.
GM exited the leasing market last summer, and rumors that the automaker would offer consumers a leasing option began surfacing late last month. GM executives said previously they wanted the company to start leasing again sometime in 2009.
The new program, offered through U.S. Bank, is currently scheduled to run through August 31, though if the plan shows any sign of success, it's probably a safe assumption GM will extend and possibly even expand it.
"GM and our dealers have done an incredible job without a leasing program throughout this difficult economic period, but we always knew that we would get back into leasing as it is important to a certain group of customers," said GM's Vice President of Sales Mark LaNeve. Leasing is a popular option among luxury car buyers, and GM's Cadillac brand has suffered from some of the biggest sales drops of any of the automaker's divisions since it stopped leasing last summer.
Initially lease offers will be available for the 2009 Cadillac CTS, 2009 Chevrolet Malibu and Traverse, 2010 Cadillac SRX, 2010 Buick LaCrosse and Enclave, 2010 GMC Acadia, and 2010 Chevrolet Equinox. Only the leasing option for the 2010 Cadillac SRX will be offered nationally; all other offers are limited to Connecticut, Michigan, Ohio, New Jersey, and New York.