GM announces new lease incentives for Cadillac and SaabEnlarge Photo
Previously we reported on Chrysler cutting back its lease incentives
, and instead attempting to increase retail purchases of their vehicles. In a surprise twist, GM has decided not to do this with Cadillac, revealing to dealers on Friday that new lease incentives will be coming soon.
The lease incentives will apply on 2009 Cadillacs, as well as the Saab 9-7X, and will be carried out by GM's financing division, GMAC. These incentives will last until the end of this month, news which pleased dealers who were expecting the incentives to end on Friday.
While over 10% of Cadillac's business came from lease programs last month, 40% of the entire luxury segment came from leases - meaning that Cadillac can afford to provide lease incentives while its lease sales remain a small slice of its sales pie.
Cadillac and Saab remain the only brands with lease incentives financed by GMAC, and according to a GMAC spokesman "there are no plans to eliminate" the auto financing and leasing aspect of from GM's financing division.