"General Motors Starts Leasing Vehicles Again; Pilot Program Runs for August Only" Edmunds Daily

General Motors Starts Leasing Vehicles Again; Pilot Program Runs for August Only

2010 Chevy Equinox.jpg

General Motors Co., which suspended leasing last year during the credit crunch, has today reinstated leasing on eight models in five states, though the 2010 Cadillac SRX will be available to lease nationally.

The leases are offered by U.S. Bank on the models sold in New York, New Jersey, Connecticut, Michigan and Ohio.

The program, which runs through Aug. 31, applies to the 2009 Cadillac CTS and Chevrolet Malibu sedan and Traverse crossover. For 2010 models, leases are available on the Cadillac SRX crossover, Buick LaCrosse sedan and Enclave crossover, the GMC Acadia crossover and the Chevrolet Equinox crossover, according to Automotive News.

Leasing allows many consumers to drive a more expensive vehicle than they could afford to buy, so GM's pull-back from leasing hit sales of GM's high-end vehicles particularly hard. GM is waiting to see the response to its pilot program before deciding how extensively to approach leasing on a nationwide basis.