2006-10-04 10:42:02 · 4 answers · asked by montecarlokarl 1 in Cars & Transportation ➔ Car Makes ➔ Chevrolet
GMAC SmartLease
You don't own the vehicle...you are leasing...so you are basically borrowing it.
Upside You drive it for a few years or so then turn it back in to the dealer and get another GM vehicle. So, as a business owner this type of lease works out great. u get a new car every 2-3 years and get to expense it out of my company.
Downside
You don't own the vehicle, and the payments you have made are basically paying interest and not much on the principal on the vehicle. This is where you hear the term "upside down", the car is worth less than what you still owe……so most people opt to trade the car in at the dealership and get into a new car and a new lease. You are basically "Renting" the vehicle and only paying the accruing interest and finance charges.
Benefits of GMAC Smart Buy
1. Get to drive a new GM car more often than if you just bought the car right out
2. Low monthly payments with a final balloon payment due at the end of the contract
2006-10-04 11:06:41 · answer #1 · answered by Harmony's Mommy 2 · 0⤊ 0⤋
It is almost like a lease. It is a finance(purchase) contract with a very big final payment, imagine a
$20,000 vehicle with 59 payments of 300 dollars and then a final payment of 3000 dollars. (don't worry the math is completely wrong). Why would you do this
deal, some states have "livery laws" which hold the leasing company responsible for any accident the driver has. so get drunk kill some one and the leasing company would have to pay. with smartbuy you get almost the same deal as a lease but you are the owner and the bank financing your vehicle can't get sued.
From the GMAC site :
SmartBuy* is another affordable way to buy the GM vehicle you want. SmartBuy is like a lease because monthly payments can be lower than with traditional financing, however, with SmartBuy, you own the vehicle. At the end of your SmartBuy contract you have several options, including keeping your vehicle by making a final balloon payment or simply returning your vehicle and paying a disposal fee (if applicable).
* SmartBuy is available in a limited number of states. Ask your GM dealership/retailer about availability.
2006-10-05 20:21:16 · answer #2 · answered by dan m in the shawaa 1 · 0⤊ 0⤋
It's a lease with a 10K miles a year max..
2006-10-05 00:36:28 · answer #3 · answered by randyrich 5 · 0⤊ 0⤋
THIS IS WHERE YOU GO TO ANYOTHER CAR MAKER AND SPEND YOUR MONEY ON SOMETHING THAT WILL ACTUALLY RUN FOR MORE THAT 10 FEET.
2006-10-04 18:32:45 · answer #4 · answered by Nordschleife 2 · 0⤊ 3⤋