GM Financial will ban you from selling lease to rivals next month, report says
If you're looking to offload your lease -- amid record used-car values -- to Carvana, Vroom or a non-GM dealer, GM Financial is putting an end to that.
GM wants first dibs on your off-lease vehicle.
GM Financial will reportedly no longer allow its lease customers to sell their vehicles to rivals, amid tight inventory levels for new and used vehicles. Instead, customers will only have the ability to trigger an option for a direct buyout through GM Financial, or through a Chevrolet, Buick, GMC or Cadillac dealership. In other words, GM Financial will not work with Carvana, Vroom or your favorite local dealer that happens to sell a rival brand.
According to a report from Automotive News Thursday, the new policy begins July 1. The new policy is to ensure GM dealers receive "first access" to off-lease vehicles while inventory remains thin. Rather than lessees selling their vehicle to a rival, GM wants to keep its cars in-house, essentially, as the automaker and dealers struggle to fill lots with vehicles to sell. The semiconductor chip shortage still rages on, while demand ramps up as the pandemic comes to an end, pushing new and used car values to new heights.
After July 1, lessees will be restricted to working with GM Financial or a GM dealer directly. The policy will remain in place for the rest of 2021, according to the report, before GM Financial reassesses the situation. GM did not immediately return Roadshow's request for comment on the new policy.
