Four years ago, when General Motors was going through a government-baked bankruptcy, it really wasn't able to lease its vehicles to new-car shoppers – lending firms weren't exactly beating down the door with attractive lease deals back then, remember – but once out of Chapter 11, leasing deals once again began in earnest.
Following the lead set by Chrysler Financial in the United States, GM Canada has announced that it will no longer offer leases through its GMAC Financial arm. While Chrysler LLC has not officially cut out lease deals in Canada, dealers up north report that the rates being offered to them are far too high to be feasible. GMAC spokeswoman Gina Proia told Bloomberg, "There's just a lack of funding in that country for lease assets." Both Chrysler LLC and GMAC are owned in part by Cerberus Capital Ma