• How SmartLease and Smart Buy Differ with GMAC Loans

    Some customers may be wondering how GMAC loans offer various options to individuals and families who want to make a deal with General Motors. Knowing more about options from this credible lender will help car or truck shoppers calculate their best chances for getting behind the wheel of a GM vehicle.

    How GMAC Works

    GMAC is the captive finance company for the General Motors Corporation. Just like other captive finance companies, GMAC is a separate division of General Motors that deals specifically with financing vehicles that the auto maker produces. In this role, GMAC offers several options for helping customers get the General Motors vehicles they want, either with leasing or buying options.

    How GMAC SmartLease Works

    GMAC SmartLease is the program that represents the conventional leasing agreement that this company provides to drivers who want to basically rent General Motors vehicles. Drivers often lease new or late model vehicles and keep them for a set period of time. The driver who is borrowing this vehicle pays on its depreciation, as well as making other payments for extra mileage, etc. At the end of the lease term, the vehicle is returned, often to a participating dealership.

    How GMAC SmartBuy Works

    In addition to leasing, GMAC also offers a variety of auto financing options. SmartBuy represents the general line of financing options offered by this company. There are various setups, some of which resemble a lease with an option to buy. GMAC SmartBuy financing agreements will include interest rates and other conventional aspects of the loan agreement, including the monthly payment calculations one would expect from a conventional auto loan. Some SmartBuy financing agreements may be customized with a balloon payment or other option for specific repayment terms.

    Doing More with SmartBuy

    Customers who know they want some kind of financing agreement with GMAC can look at the web site to figure out their various alternatives for handling a SmartBuy program. A sort of hybrid lease/buy option is popular with some customers, where others prefer a more straightforward loan agreement, or a straight lease where the vehicle can be returned with no further financial liability for the driver.

    Common Elements of GMAC Deals

    Keep in mind when dealing with this captive finance company that established lenders such as GMAC are likely to be with stringent credit requirements and other aspects like proof of income. Be sure to present your borrowing situation as well as possible to GMAC in order to benefit from some of the better financing options that the company offers. More on the web site will inform drivers about specific eligibility requirements, as well as how to work a GMAC deal into an existing household income or budget.

    Do the research for getting involved in a deal with GMAC and take a look at how either a SmartLease or SmartBuy program could be your ticket to driving away in a new GM ride.