After announcing the return of employee pricing for the general public, General Motors is following Chrysler’s lead – somewhat – in pulling out of the leasing market. Though GM will continue to lease new cars, the automaker says that leasing incentives for the Pontiac, Buick and GMC lines have been drastically cut.
According to a Detroit-area Pontiac dealer quoted in the Detroit Free Press, the only lease deal GM will offer through its partially-owned GMAC arm will be on the Pontiac G6. It’s unclear what GM will do with its other lease-heavy brands and lines. GM had been supporting the leases with below-market rates. Leasing will certainly still be available, but shoppers will need to look to banks, not GMAC.
GM says more specifics will be available tomorrow when the auotmaker officially unveils its employee pricing plan.
08/19, 12:16 PM
posted by:
RaineMan
This lease market failure is going to hurt the domestic manufacturers big time.
08/19, 12:25 PM
posted by:
inline6
LLN, your statement that GM is following Chrysler in pulling out of the leasing market is made wholly false by the next statement that GM ISN’T PULLING OUT OF THE LEASING MARKET. They’re cutting back on INCENTIVIZED LEASING.
08/19, 12:29 PM
posted by:
Fromes
its hard to justify buying a car like a pontiac…considering the resale value is absoulty horrid…take a car like a G6…buy one for around 24k drive it for maybe like 3 years put about 40k on the odo and try and trade it in or sell it…turns out that car will prob only be worth about 6 or 7 grand…what a waste
08/19, 3:36 PM
posted by:
brassmonkey
why lease a turd?
08/19, 3:41 PM
posted by:
jonmiles
Inline6 – cutting back on incentivized leasing in this market is exactly the same as withdrawling altogether. Most consumers have no idea just how much these banks and manufacturers spend to get monthly payments as low as they do.