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GM Financial funds first-ever lease for business customers

GM Financial funds first-ever lease for business customers

Published Jul. 2014

GMF Funds first-ever lease for business customers, 2014

Over the past several months, GM Financial has been gearing up to launch its Commercial Vehicle Lending program, which will allow the company to purchase from GM dealers retail installment contracts ("loans") and leases made to business customers. Historically, the company only financed vehicles for individuals, not business entities.

That all changed on Tuesday, Aug. 19, when the company funded its first commercial vehicle lease. "Another milestone has been achieved at GM Financial. We have never in our history funded a commercial vehicle lease or loan," said Kyle Birch, Executive Vice President and Chief Operating Officer, North America. "I appreciate everyone's effort in getting this new lease business channel started," he said in a note to the Commercial Vehicle Lending and Funding teams and others who had been instrumental in launching the program.

The Commercial Vehicle Lending program rolled out as a pilot first in Illinois and Georgia on Aug. 4, followed by California, Connecticut, Florida, Iowa, North Carolina, South Carolina and Texas on Aug. 18. It will roll out nationwide to all GM dealers in early September. Initially, we will only offer a closed-end lease product, similar to The Right Lease℠ product for our consumer customers. However, early next year, we will have loan and lease options available for business customers. This program is one of several that help round out our full-captive capability for GM dealers.

The first commercial vehicle lease was made on a 2014 Cadillac ELR at Cadillac Mazda of Lake Lanier in Georgia for a medical billing company.

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