FINANCING YOUR VEHICLE
Financing options for new vehicles.
You've nailed down your budget. You've found the GM vehicle that fits within it. So naturally you're thinking: What are my payment options?
You have three options when it comes to paying for your vehicle:
- Finance: Buy the vehicle over time.
- Lease: Drive the vehicle for a period of time then return it.
- Pay cash: Buy the vehicle outright.
When financing or leasing with a retailer you:
- Choose a car or truck.
- Fill out the retailer's credit application.
- Negotiate the best price for your budget.
- Decide whether to purchase or lease.
- Drive away (if approved) in your vehicle (often on the very same day).
When paying cash:
- Negotiate the price of your chosen vehicle with the retailer.
- Add in taxes and other fees (e.g., license, title, registration).
- Pay the retailer the total amount.
Buying vs. leasing: What you need to know.
Don't know whether buying or leasing is right for you? Consider the following differences between buying and leasing before you make your decision.
Buying gives you:
- Complete ownership. The vehicle is titled to your name.
- No restraints on mileage limits or normal wear. Keep in mind that proper maintenance may affect your warranty coverage. A vehicle's condition can also affect the residual or trade-in value.
- A vehicle that's yours to sell or trade in at any time for another GM vehicle. You have the option to pay off your contract, or sell and trade your vehicle, at any time.
Leasing gives you:
- A chance to drive a new GM car, truck or van more often. Lease terms can be shorter than purchase terms with similar monthly payments.
- Low monthly payments. Monthly lease payments are often lower than traditional financing.
- No resale or trade-in headaches.
Need more help deciding whether to buy, lease, or pay cash? Take the GMAC SmartEdge Buying vs. Leasing Tutorial.
Financing options for used vehicles.
Select Saturn retailers offer Certified Pre-Owned vehicles that often offer like-new financing for qualified buyers. For more information about Saturn Certified Pre-Owned vehicles, their rigorous certification inspection, and pre-owned vehicle warranties, visit www.saturn.com/cpo.
An agreement between the owner of the property (lessor) and the user (lessee) for the use of a leased vehicle subject to stated terms and conditions for a certain length of time and for an agreed upon payment.
A written request for credit.
Tool commonly used to measure expenses against income. A written plan that helps people manage their money.
The number of miles per year agreed upon in the lease agreement – usually 12,000 to 15,000 miles.
Normal wear is the minor and reasonable wear a vehicle endures in everyday, ordinary operation. Normal wear can include removable stains, paint scratches that can be buffed out during reconditioning, or tire treads worn to 1/8" depth or more at the shallowest point.
The end of term value of the vehicle established at the beginning of the lease and used in calculating your base monthly payment. This value may be determined, in whole or in part, by using residual value guidebooks (independently published value guides).
Your trade-in value is how much your current vehicle is worth. This value may be higher or lower depending on the condition of your vehicle, equipment, and local market conditions.
The first of several steps required for a vehicle to achieve GM Certified Status. The Certification Inspection is an in-depth check of key components on a particular used vehicle. To even be considered for a Certification Inspection, the vehicle must have a manufacture date no earlier than 2002, and fewer than 60,000 total miles.
You can enter any Annual Percentage Rate (APR) you wish. Keep in mind though, you have to qualify for financing, and the APR you enter may not be available.
