Bi-weekly payments now available on lease
Published November 2013
Consumers who sign an auto lease with GM Financial now have the option of choosing bi-weekly or monthly payments on their new GM vehicle. Concurrent with the bi-weekly payment option, GM Financial will offer lease customers the opportunity to select a scheduled payment due date, whether monthly or bi-weekly, that meets their needs.
"Our customers can now pay a pro-rated payment for their first scheduled payment due date and select their preference for monthly or bi-weekly payments, to align with their budget and cash flow needs," noted Howard Cobham, senior vice president of Dealer Services Canada. "This is a compelling enhancement for GM Financial’s The Right Lease product, and further reinforces our goal of providing a high-quality product with maximum flexibility for our consumers while they select the right vehicle for their needs."
Surveys conducted by the Canadian Payroll Association show that 62 per cent of organizations process their payroll on a bi-weekly basis. "By offering bi-weekly payments, GM Financial is now on par with how Canadians make mortgage payments, as well as, receive their paychecks," said Cobham. "It just makes sense that the majority of Canadian consumers leasing vehicles opt for a bi-weekly payment schedule, and that's why we offer them the option to do so."
The move to bi-weekly lease payments demonstrates the leadership GM Financial is taking in the market, which is aimed at enhancing value for consumers and creating a highly competitive payment presence.
"The project team who made the bi-weekly option a reality for us has done an outstanding job of seizing this market opportunity. They worked tirelessly for the past several months to bring this program to market for consumers and it represents a strategic opportunity for the business and for GM Canada and our collective drive for market share growth."