After sharp depreciation on many leased vehicles prompted GMAC to exit the lease business almost one year ago, GMAC will begin offering limited leases on select General Motors vehicles.
GMAC’s leasing program will be offered in 45 states, as GM began leasing vehicles through U.S. Bank earlier this month in Ohio, Michigan, New York, Connecticut, and New Jersey. The program is limited to certain vehicles.
Vehicles included in the initial GMAC program are the 2009 Cadillac CTS, Chevrolet Malibu and Traverse, the 2010 Buick Enclave and LaCrosse, Chevrolet Equinox, and GMC Acadia. Interestingly, the 2010 Cadillac SRX is not included in GMAC’s leasing programbut was included in the program offered through U.S. Bank.
The latest leasing program is part of GMAC’s plan to help “stimulate the rebound in the auto industry,” said Bill Muir, President of GMAC. “We have credit to make available and want to put it to good use for qualified customers.”
“It’s a limited program but it’s huge for us. We’re the largest Cadillac dealer in the country,” said Jeff Dyke, executive president of Sonic Automotive. “Any step toward getting back into leasing is a huge step for Sonic. I don’t know if GMAC would start leasing Escalades again but I sure hope they do. We could use the support.”
“While we do not expect leasing to return to its heyday levels across all models, it remains an attractive financing tool for certain segments, particularly new launch vehicles and select models in the luxury market,” said Muir in a statement.
GMAC’s return to leasing not only bodes well for GM, but Chrysler as well since GMAC became the preferred lender for Chrysler dealers after the company emerged from bankruptcy. With GMAC’s return to leasing for GM, Chrysler dealers may soon see a leasing program introduced for Chrysler models.
Source: Automotive News