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GMAC Loans and Leasing
from: Sports Car MagicIf you've in the market for a new or used car, General Motors Corporation offers a several GMAC auto loan options for their customers. You may obtain a GMAC auto loan for traditional retail financing or as a lease financing option.
A GMAC auto loan in traditional retail financing allows you to own the vehicle for more than just a few years (more or less 15,000 miles per year) and you can alter the vehicle's appearance. However, a GMAC auto loan on leasing lets you pay only for the length of time you expect to use the vehicle and adds the rent charge, taxes and fees.
To make the comparison more specific, consider a $20,000 vehicle. A GMAC auto loan for traditional retail financing allows you pay the entire $20,000 value of the vehicle plus the financing charge or interest rate.
Once the financing term y of the GMAC auto loan has been satisfied, you own the vehicle. With the GMAC leasing options, the same $20,000 vehicle you'r only required to pay for how much of the vehicle you expect to 'use up' during the term of the lease, plus rent, taxes and fees. The 'used up' value is calculated by deducting the estimated value of the car at the end of the lease. For example, let's assume $9,000 to the original cost of $20,000. Thus the lease value is then $11,000.
Obtaining a GMAC auto loan leasing option allows you to make smaller monthly payments, gives you a new vehicle every year or two, provides a number of vehicles and eliminates the need for resale or trade-in of the old vehicle. However, with GMAC leasing you don't own the vehicle. Once the lease has expired, you must return the vehicle unless you decide to purchase it as determined in the lease agreement.
To obtain an auto loan, you have serveral options including a bank, credit union and automotive financing companies. Or, you can obtain a GMAC auto loan for traditional retail financing, which is available through your GM dealer.
A third GMAC auto loan option is the SmartBuy which lets you own your vehicle while lowering the monthly payments at the same time. Low payments are possible because you've only paying for that portion you expect to use of the vehicle each month, plus the finance charge. At the end of the contract, you can decide whether to make a final, balloon payment or simply return the vehicle with a $250 disposal fee.
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