- Jul 29, 2009
REPORT: GM to resume leasing luxury vehicles on Aug. 1
Cadillac CTS - Click above for a high-res image gallery
Just in time for the weekend, rumor has it that General Motors and GMAC plan to crank up the leasing machine again on August 1. When GM stopped the practice last year, leases made up 20% of its business, but was costing the General money hand-over-fist. Dealers have continued to lease on their own, through outside banks, but the volume of cars leaving the lot as lease deals is "negligible".
The most either company would say on-the-record is that they are looking at ways to get back into it. GM is said to have spoken to several banks – not just GMAC – to gain a solid position. GMAC, now a bank holding company, is also one of Chrysler's partners; with credit slowly opening up and resale values slowly rising, it's not a bad time for the company to take steps toward leasing again.
For the moment, the only car mentioned for lease availability is the Cadillac CTS, as the luxury segment is traditionally the most lease-heavy.
[Source: Wall Street Journal]