GMAC to offer leases on some vehicles

updated 10:18 a.m. ET Aug. 10, 2009

DETROIT - GMAC Financial Services said Monday that it will offer a leasing option on select vehicles to drivers in 45 states.

GMAC officials said that its improved funding flexibility, the completion of General Motors Co.'s financial restructuring and higher used car values have made leasing a viable financing option again.

"While we do not expect leasing to return to its heyday levels across all models, it remains an attractive financing tool for certain segments, particularly new launch vehicles and select models in the luxury market," Bill Muir, GMAC's president, said in a statement.

The news comes a week after Detroit-based GM announced the launch of a pilot leasing program. That program covers the five states not covered by GMAC's program and those leases will be made through U.S. Bank.

Both programs offer leases on the 2009 Cadillac CTS, Chevrolet Malibu, Chevrolet Traverse and the 2010 Buick Enclave, Buick LaCrosse, Chevrolet Equinox and GMC Acadia.

In addition, GMAC's insurance division will offer SmartLease Protect, which provides limited coverage of up to $5,000 for excess wear and tear on leased vehicles and waives a customer's security deposit.

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