Understatement of the Year: It's been a rough 2009 for General Motors. The 101 year-old automaker lost billions of dollars in record time, its market share plummeted, and overall sales were down over 30%. Oh, and the General had to ask for billions in loans from the US government before ultimately going through bankruptcy. A bad year indeed.
The fact that GM went through these tumultuous times without a leasing program made matters even worse, but that's about to be rectified. GM is teaming up with US Bank on a pilot leasing program in Michigan, Ohio, New Jersey, New York and Connecticut. Already underway and set to run through August 31, the program will only apply to certain vehicles. The 2009 Chevy Malibu and Traverse, along with the Cadillac CTS and 2010 Cadillac SRX are included, joining the Buick Enclave, GMC Acadia and Chevy Equinox.
While the program is regional for the time being, the launch of the SRX will be accompanied by a nation-wide lease program through US Bank. Mark LaNeve, GM's vice president of U.S. sales, feels the SRX lease will help launch the new luxury crossover. "Leases are an important part of the luxury market, so we decided that launching the all-new 2010 Cadillac SRX crossover with a national lease will add a lot of excitement." Hit the jump to read over the GM press release.
GM Announces Lease Program - Provides an Additional Consumer Financing Option for New Vehicle Purchases
* U.S. Bank offers rates on select Cadillac, Buick, GMC and Chevrolet models
* Five-state pilot program covers eight models
* All new 2010 Cadillac SRX lease available nationally
Detroit – General Motors Company announced an expansion of leasing today with enhanced lease programs on select 2009 and 2010 Cadillac, Buick, GMC and Chevrolet models. The leases, offered by U.S. Bank, are part of a pilot program that includes select GM vehicles sold in New York, New Jersey, Connecticut, Michigan and Ohio. In addition, a lease on the all-new Cadillac SRX will be offered by U.S. Bank nationally. The pilot is currently planned to run through August 31, 2009.
"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 our customers," said Mark LaNeve, GM vice president of U.S. sales. "We have a number of products that offer a great opportunity for a lease option. Also, leases are an important part of the luxury market, so we decided that launching the all-new 2010 Cadillac SRX crossover with a national lease will add a lot of excitement."
"U.S. Bank has one of the largest auto loan and lease programs in the nation. We have supported the auto industry for more than 50 years, and this is an example of our continued commitment to the industry," said Tom Wirth, who leads indirect lending at U.S. Bank.
Initially, lease offers will be available on the 2009 Cadillac CTS, Chevrolet Malibu and Traverse. For 2010 models, leases will also be available on the Cadillac SRX, Buick LaCrosse and Enclave, the GMC Acadia and the Chevrolet Equinox. Monthly payments will vary according to the customer's down payment and the first month's payment due at signing, but are expected to be very competitive. No security deposit will be required.
For more information, customers in the five lease states (New York, New Jersey, Connecticut, Michigan and Ohio) should visit their local Cadillac, Buick, GMC or Chevrolet dealer.
About General Motors: General Motors Company, one of the world's largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 235,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. General Motors Company acquired operations from General Motors Corporation on July 10, 2009, and references to prior periods in this and other press materials refer to operations of the old General Motors Corporation. More information on the new General Motors Company can be found at www.gm.com.
About U.S. Bank: U.S. Bancorp (NYSE: USB), with $266 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,850 banking offices and 5,173 ATMs in 24 states, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.