GM of Canada announced today an “industry-first” national vehicle financing option allowing for “maximum flexibility” and option to return a vehicle after 48 to 60 months.
Called Smart Purchase, the financing option is a term loan with fixed rates up to 84 months that includes low monthly rates. Customers will have an “option date” to return the vehicle for sale to Ally at a pre-determined buyback price.
Purchasers would be subject to a disposal fee and any excess wear and tear or kilometre charges. It also comes two option dates available – month 48 or month 60.
“Alternatively, customers can trade in their vehicle or continue at the initial payment amount for the remaining term of the contract. Customers can also pay down the outstanding balance, in full or in part, at any time,” GM Canada said in a release.
“Smart Purchase is an innovative alternative that provides the benefits of vehicle ownership to those customers looking for affordable payments and maximum flexibility,” said Kevin Williams, president and managing director of GM of Canada. “By rethinking the way we traditionally do business, we are able to provide the best possible ownership experience for customers.”
Smart Purchase is available on Chevrolet, Buick, GMC and Cadillac vehicles and offered exclusively through Ally.
“Unlike a lease, there are no safety inspections, taxes, or fees applied if customers choose to keep their vehicles, as ownership remains with the customer.”