Topic: Looking for opinions on GM's Smart Purchase Program?

[Annabelle]

Cheers folks! I have a 4-year lease on a Cobalt that is up this month and am considering GM's Smart Purchase program with a Cruze. Would appreciate your thoughts on the program, not the car. 

Thank you!

[Jaeger]

They pitched that to me when I test drove the Cruze.  Seems like a good option if you don't have much for a downpayment.  You get the benefits of a lease in that you have a lower monthly payment AND the option to buy back at a pre-determined price or return to the dealer at end of term (if you stay under 24k km per year).  But you also have the benefits of an open loan should you decide you want to pay it off early.  As always, you need to crunch the numbers yourself and figure out exactly what your total cost of purchase is.  Cash up front is going to be the cheapest, but this program isn't targeted at that buyer.  While I didn't read all (or any) of the fine print, it does seem a better (as in, more flexible) option as compared to a lease or to balloon payment future value financing.

Jaeger

PS - the Cruze is a really nice ride.

[No H2O]

Would appreciate your thoughts on the program, not the car.  ;DThank you!

I can't comment on that particular plan, but "The Plan" Ford used to have, was well designed to pull the wool over the consumer's eyes and benefit Ford. They rushed me through the numbers and would not let me have a copy of the worksheet. In the end it didn't matter..like I'd buy a NA car.  I was only there to do a Marketplace type of inquiry because I saw through the BS in Ford's TV ads for "The Plan".

[5 Wheel Drive]

We've done it with 2 cars, it worked well for us.  It's like Jaeger said, you get the lower monthly payment of a lease, but with much more flexibility.  You own the car, not the leasing company.  Should your circumstances change, or for what ever reason, you want something else, it's much easier to deal with than a lease.