Understanding GM Lease Vs Finance Options In The GTA
- Bessie Vavaroutsos
- Jun 7, 2024
- 17 min read
Deciding between a GM lease versus finance options is a common challenge vehicle shoppers face in the Greater Toronto Area.
GM offers various attractive options for both leasing and financing vehicles, including Chevrolet, Buick, GMC, and Cadillac models.
This article will guide you through understanding these options to make an informed decision best suited to your needs.
Keep reading for key insights from Old Mill Cadillac Chevrolet Buick GMC, located in Toronto, Ontario!
Key Takeaways
Old Mill Cadillac Chevrolet Buick GMC in Toronto offers both GM leasing and financing options for cars, trucks, and SUVs. Leasing lets you drive a new vehicle with lower monthly payments for a set time, while financing leads to owning the car after the loan is paid off.
The benefits of leasing include less upfront cost, not worrying about depreciation, and often having comprehensive warranties. Financing allows full ownership of the vehicle, no mileage limits, and freedom to customize your ride.
GM Financial Services works with dealerships like Old Mill Cadillac Chevrolet Buick GMC to offer competitive rates for both leasing and financing options. They also assist customers with prequalifying for leases, which helps them understand their budget better without impacting credit scores.
Choosing between leasing or financing affects monthly payments, upfront costs, customization options, vehicle return or trade-in processes, mileage limits, and ownership feelings. Both have terms and conditions that define payment amounts, interest rates (for financing), term lengths, and buyout options at the lease end.
Old Mill Cadillac Chevrolet Buick GMC’s inventory includes various models from Chevrolet, Buick and GMC priced to accommodate different budgets. Certified pre-owned vehicles undergo extensive inspections, ensuring reliability and quality at a more affordable price than new vehicles.
GM Lease vs. Finance a Vehicle
Choosing between GM lease vs finance a car, truck, or SUV can seem tricky. Leasing lets you drive a vehicle from Old Mill Cadillac Chevrolet Buick GMC for a set time -- usually a few years.
With financing, the ride is yours once you pay off the loan. Both options have their perks, but whatever your choice, our team at Old Mill Cadillac Chevrolet Buick GMC in Toronto will guide you through every step to ensure you’re thrilled with your new keys.
Definition and differences
Leasing and financing a vehicle are two roads you can take towards driving your dream car. With leasing, you enter an agreement to use the car for a set number of years—usually two to three—with lower monthly payments than financing.
You don’t own the car; instead, you pay for its depreciation during the lease term, plus fees. At the end of your contract, you can return it or buy it out. Financing, on the other hand, means taking out a loan to buy your new ride outright from dealers like Old Mill Cadillac Chevrolet Buick GMC.
Your monthly payments go toward owning the vehicle once your auto loan is fully paid off.
Choosing between these options affects everything from how much money you put down upfront to how long you keep your vehicle. Leasing often requires less cash at signing and offers lower monthly payments—a great option if you enjoy upgrading to a newer model every few years without committing long-term.
If that’s not quite your speed and lifelong ownership speaks more to your needs, then financing could be the way forward. With this pathway, though, higher monthly investments are typical due to interest rates and loan costs over time, eventually leading up next-to-nothing in periodic expenses aside from regular maintenance and insurance—which are mandatory whether you lease or finance through us here at Old Mill Cadillac Chevrolet Buick GMC in Toronto.
Benefits of leasing
Leasing a vehicle brings several advantages, especially for those who prefer less upfront cost and enjoy driving a new model every few years. At Old Mill Cadillac Chevrolet Buick GMC, we’ve seen firsthand how leasing can match the lifestyle and budget needs of our Toronto customers.
With lower monthly payments compared to buying outright, you have the opportunity to drive away in a brand-new car without the heavy burden on your wallet. This financial flexibility is one of the reasons many choose leasing over financing.
Another significant benefit is not having to worry about depreciation—a common concern for new car owners. Since you’re not owning the vehicle long-term, its decrease in value affects you less.
Plus, leases often come with comprehensive warranties that cover most repairs, ensuring peace of mind during your lease term. For businesses that use vehicles, there might even be possible tax deductions that could save money in the long run.
Moreover, programs like XS Wear® Lease Protection shield you from unexpected costs due to wear and tear—think chipped glass or tire replacements—making maintenance concerns minimal throughout your lease period with us at Old Mill Cadillac Chevrolet Buick GMC.
Benefits of Financing
Financing a vehicle at Old Mill Cadillac Chevrolet Buick GMC offers an incredible path to full ownership, giving our clients the freedom they desire. With financing, you’re not just paying for the car; you’re investing in your future mobility.
Monthly payments might be higher compared to leasing, but every cent contributes towards building equity in your prized Chevy. This means that over time, as you chip away at the loan, you edge closer to owning the car outright—allowing for long-term savings.
Another significant advantage of financing is the absence of mileage limits and the liberty to customize your vehicle exactly how you want it. Whether it’s adding a new set of alloys or getting a custom paint job, when you finance, your Chevy becomes a canvas ready for personalization.
And do not forget: financing through us opens doors even for those with past credit challenges. Our team understands that everyone’s financial history is unique—we offer solutions to help you secure financing that works within your budget.
GM Financial Services
GM Financial Services partners with dealers like us, such as Old Mill Cadillac Chevrolet Buick GMC, to make getting your next vehicle easy. We help you understand all the options, whether it’s leasing or financing that new car smell.
Our team works directly with GM Financial to bring you competitive rates and terms that fit your life here in Toronto, Ontario. Ready for a smooth ride to owning or leasing? Let’s get started together!
Working with dealerships
Our team at Old Mill Cadillac Chevrolet Buick GMC in Toronto makes working with dealerships a breeze. We partner directly with GM Financial to help you prequalify for a lease easily and quickly, without the hassle, on approved credit.
This partnership ensures that whether you’re looking to lease or finance, we’ve got tools and resources ready just for you – like dealer locators and vehicle history reports.
From start to finish, our goal is to make your vehicle purchase as smooth as possible. You’ll find everything from finding the perfect GM vehicle to understanding all your financing options right here.
Plus, our experts are always on hand to guide you through payment plans and rates, ensuring they fit within your budget. Choose us for a stress-free experience where your satisfaction is our priority.
Prequalifying for a lease
Applying for prequalification with GM Financial is easy and straightforward. We at Old Mill Cadillac Chevrolet Buick GMC team up with GM Financial to offer this service, making it convenient for you.
This process allows us to figure out if you’re eligible for a lease without affecting your credit score. You can complete the application online, which saves you lots of time. It’s an important step because it gives you insight into the types of vehicles that fit within your budget before you even step foot in our dealership.
Understanding how much you can spend helps narrow down choices and lets us guide you through our inventory more efficiently. Prequalification doesn’t lock you into anything; it simply provides a clear picture of what’s possible.
Our goal is to help make leasing a new vehicle from Old Mill Cadillac Chevrolet Buick GMC a stress-free experience by eliminating surprises related to payments and rates later on in the process.
Payments and rates
Choosing between leasing and financing a GM vehicle at Old Mill Cadillac Chevrolet Buick GMC involves understanding the differences in payments and rates. Our team provides clear information to help you make an informed decision.
Option | Payments | Rates |
Leasing | Lower monthly payments, based on usage | Competitive, based on current market rates |
Financing | Higher monthly payments, eventually own the vehicle | Fixed rates, influenced by credit score |
Leasing a vehicle often results in lower monthly payments. This is because you pay for the depreciation of the vehicle during your lease term. Our leases at Old Mill Cadillac Chevrolet Buick GMC are carefully crafted with this in mind, ensuring you enjoy the best miles of your vehicle without the worry of depreciation.
On the other hand, financing a vehicle means higher monthly payments. Yet, it leads to ownership. Rates for financing are fixed and largely depend on your credit score. At Old Mill Cadillac Chevrolet Buick GMC, we work closely with you to secure the best possible rates, helping you finance your dream GM vehicle under favourable conditions.
Our team at Old Mill Cadillac Chevrolet Buick GMC, located right in Toronto, Ontario, is committed to providing you with transparent, comprehensive advice on payments and rates. We aim to make your vehicle shopping experience as exciting and confident as possible. Whether you’re leaning towards leasing for its flexibility and lower monthly costs or financing for eventual ownership, we’ve got you covered with options that cater to your needs.
Understanding GM Lease Options
At Old Mill Cadillac Chevrolet Buick GMC, we help you grasp GM lease options clearly. Leasing a vehicle means you’re paying for its use over a set period rather than buying it outright. You get the joy of driving a newer car more often and enjoy lower monthly payments compared to financing.
Plus, leasing with us opens up possibilities like easy upgrades to newer models, flexible terms that fit your lifestyle, and options to buy the car at the lease end if you’ve grown attached to it. Explore our GM leasing options — it’s simpler than you think and could be your ticket to hitting the Toronto roads in style and confidence. Keep reading to uncover how this choice might just be what you’re looking for in your next automotive adventure!
Comparing costs
Choosing between leasing and financing at Old Mill Cadillac Chevrolet Buick GMC is a big decision. We’re here to help you understand the costs involved. Check out this simple comparison:
Cost Factor | Leasing | Financing |
Monthly Payments | Lower, based on vehicle depreciation | Higher, you’re paying for the entire vehicle |
Upfront Costs | Usually includes the first month’s payment, security deposit, down payment, taxes, and registration fees | Down payment, taxes, registration fees, and sometimes a higher initial payment |
Vehicle Return/Trade-In | Return at lease end or choose to buy | Keep or sell the vehicle at any time |
Ownership | No ownership until buyout | Immediate vehicle ownership |
Mileage Limits | Yes, fees for overage | No limits, no overage fees |
Customization | Limited to dealer-approved changes | Freedom to customize as you like |
End of Term | Options to return, buy out, or start a new lease | Vehicle is yours; sell or keep as you wis |
Terms and conditions
Terms and conditions are key in any lease or finance agreement. They show you what you’re agreeing to, including the length of the term, your payments, and any interest charges. At Old Mill Cadillac Chevrolet Buick GMC, we help you understand these terms to make sure there are no surprises.
The term length affects how much you pay each month and the total interest. For leases, it also shows when the vehicle needs to be returned to us.
Leasing through GM Financial brings exclusive benefits but comes with specific obligations like a disposition fee at the end of your lease--though sometimes this can be waived. You’ll see upfront costs named in leasing disclosures and learn about buyout options if you decide to purchase your leased vehicle later on.
We aim for clarity so that our customers feel confident and excited about their new vehicle journey.
Buyout options
GM lease agreements often come with a buyout option, which can be a smart move if your vehicle has positive equity. Checking your lease agreement and determining the car’s current value are crucial steps in this process.
By opting for a buyout, you can skip disposition fees and other costs that come with turning in a leased vehicle. With the recent semiconductor chip shortage leading to fewer new vehicles available, buying out your lease could be an especially good deal right now.
You might not know this, but negotiating a lease buyout is actually possible with GM. Our team at Old Mill Cadillac Chevrolet Buick GMC is here to help guide you through this process.
We’ll assist you in evaluating whether a buyout makes sense for you and how to get the best price on your current leased vehicle. Choosing to buy out your leased car means no more mileage limits, freedom from monthly payments after it’s paid off, and the comfort of keeping a car you already know and love.
Explore Old Mill Cadillac Chevrolet Buick GMC Inventory
At Old Mill Cadillac Chevrolet Buick GMC, we have a wide range of cars waiting for you. From shiny new models to certified pre-owned vehicles, our selection is designed to fit what you’re looking for.
New Vehicle Inventory
Our team at Old Mill Cadillac Chevrolet Buick GMC has curated a selection of 97 brand-new vehicles ready to meet the diverse needs and preferences of our customers in Toronto.
With models ranging from Buick and Chevrolet to GMC, we proudly offer vehicles of all prices, accommodating various budgets and lifestyle requirements with flexible finance and lease payment options.
Explore our Buick lineup with 12 options, including luxury sedans and SUVs. Each model combines elegance with performance, ensuring a smooth ride every time.
Examine our Chevrolet collection of 54 cars, trucks, and SUVs. From the eco-friendly Bolt EV to the rugged Silverado truck, there’s a Chevrolet for every adventure.
Check out our GMC range featuring 31 strong vehicles. Known for their durability, GMC models like the Sierra truck and Terrain SUV are perfect for those who demand power and style.
All new vehicles come with detailed information and images online, helping you make an informed decision from the comfort of your home.
Our prices include manufacturer incentives along with options, administrative fees, and taxes - so you know exactly what you’re paying without any surprises.
We offer trims and models made specifically for Canadian drivers. From winter-ready features to fuel-efficient engines measured in litres per 100 kilometres (L/100km), find a vehicle that suits Canadian roads perfectly.
Data on depreciation rates is available to aid your choice between leasing or financing - important if you’re keen on getting the most value over time.
Every new vehicle includes a comprehensive warranty plan covering you against unexpected repairs and ensuring peace of mind on the road ahead.
Finding your next vehicle at Old Mill Cadillac Chevrolet Buick GMC means having access to top-quality cars with transparent pricing structures while exploring different financing or leasing options created to fit your budget needs.
Certified Pre-Owned Vehicle Inventory
At Old Mill Cadillac Chevrolet Buick GMC, we take pride in our Certified Pre-Owned (CPO) vehicle inventory. Each CPO car undergoes an extensive multi-point inspection and certification process, ensuring you drive away with a reliable and high-quality vehicle.
Extensive Multi-Point Inspection - Our team examines each CPO vehicle thoroughly, checking everything from the engine performance to the interior aesthetics.
Certification Process - Vehicles must pass strict standards to get certified, guaranteeing their quality and reliability.
Extended Warranty Coverage - We offer extended warranty options on our CPO vehicles, giving you peace of mind for longer.
Roadside Assistance - Enjoy added perks such as 24/7 roadside assistance with every certified pre-owned purchase.
Higher Resale Value - Thanks to the rigorous certification process, our CPO vehicles often hold their value better than non-certified used cars.
Quality Assurance - Our dealership aims to provide only the best. The CPO program is a testament to our commitment to excellence.
Peace of Mind - Knowing your vehicle has been carefully inspected and certified offers a level of comfort when making your purchase.
Depreciation Protection - CPO cars depreciate less quickly than brand-new vehicles, making them a smart buy.
Affordable Financing Options - We work with you to find competitive financing rates, making it easier to drive off in a certified pre-owned car without breaking the bank.
Trade-In Opportunities - Upgrade your ride by trading in your current vehicle for a certified pre-owned model at Old Mill Cadillac Chevrolet Buick GMC.
Our certified pre-owned inventory combines quality with affordability, providing you with an exceptional car shopping experience right here in Toronto, Ontario. Discover why choosing a CPO vehicle from Old Mill Cadillac Chevrolet Buick GMC can be one of the best decisions for your next car purchase.
Trade-In and Credit Application Services
At Old Mill Cadillac Chevrolet Buick GMC, we make trading in your vehicle and applying for credit simple and stress-free. You can easily upgrade to a new ride by trading in your current car, and our team will guide you through every step of the way.
Applying for credit? No worries—we’re here to help get you the best possible rates so you can drive away in your dream car without any hassle on approved credit. Come visit us in Toronto, Ontario, where our friendly staff awaits to offer personalized service designed just for you.
How to Trade In Your Vehicle
Trading in your vehicle can be a smart move to lower the amount you pay for your next car. Here at Old Mill Cadillac Chevrolet Buick GMC, we make it an easy and transparent process.
Clean your car inside and out. This simple step can significantly increase its trade-in value.
Gather all necessary paperwork—this includes your vehicle registration, proof of insurance, and any service records. Having these ready will speed up the process.
Research the value of your car using online estimators before you visit us. Knowledge is power, especially when negotiating.
Negotiate the trade-in price separately from the purchase price of the new or pre-owned vehicle you’re interested in.
Consider timing—if you owe more on your loan than the car is worth (upside-down), wait until you have positive equity if possible.
Visit several dealerships to compare the trade-in values offered, but keep in mind that Old Mill Cadillac Chevrolet Buick GMC aims to provide competitive offers.
We understand that getting a good value for your trade-in is crucial for you. Our team works hard to ensure that each customer receives a fair assessment based on current market conditions and the condition of their vehicle.
Plus, when you choose to trade in your vehicle with us, it can lower your down payments or monthly payments on a new or certified pre-owned ride from our vast inventory.
Our experienced sales professionals are here to guide you every step of the way—from evaluating your trade-in to exploring financing options that fit your budget and lifestyle. We believe in making every aspect of buying or leasing a vehicle as straightforward and enjoyable as possible.
Drop by Old Mill Cadillac Chevrolet Buick GMC today; let’s get started on finding your perfect match from our impressive selection while ensuring you get great value for your trade-in.
Applying for Credit
Applying for credit is a crucial step in leasing or financing your next vehicle. Our team at Old Mill Cadillac Chevrolet Buick GMC makes the process smooth and straightforward on approved credit.
Check your credit score: Know where you stand before applying. A high score can get you better rates.
Visit our website: Navigate to the finance section to access the credit application form.
Fill out the application form: Provide all necessary information, including personal details, employment history, and income level.
Mention if you’re trading in a vehicle: This could impact your financing options and monthly payments.
Submit the form online: It’s easy and saves time. You don’t have to visit us in person yet.
Wait for our response: We’ll review your application quickly and contact you with the next steps.
Prepare your documents: Have your driver’s license, pay stubs, and proof of insurance ready.
Discuss terms with us: Once approved, we’ll talk about loan or lease terms that fit your budget.
Ask questions: Don’t understand something? We’re here to explain every detail.
Sign the agreement: After agreeing on terms, sign the paperwork to finalize the deal.
Our team at Old Mill Cadillac Chevrolet Buick GMC in Toronto wants you to feel confident about applying for credit. With $0 down payment leases available upon approval and an easy prequalification that doesn’t affect your credit score, getting into your new or certified pre-owned vehicle has never been easier.
Start with our online prequalification application today to save time and take one step closer to driving away in your dream car!
Making Your Decision
Choosing the right path between leasing and financing a car is big. We at Old Mill Cadillac Chevrolet Buick GMC guide you through each step, ensuring you feel excited and confident in your next vehicle purchase here in Toronto, Ontario.
Factors to consider
Making the right choice between leasing and financing a vehicle requires a thoughtful comparison of your driving habits, financial situation, and future needs. Here at Old Mill Cadillac Chevrolet Buick GMC in Toronto, Ontario, we help our customers navigate these decisions every day to ensure they drive away confident and excited about their new vehicle.
Below are some important factors to consider:
Monthly Payments: Leasing often results in lower monthly payments compared to financing since you’re only paying for the vehicle’s depreciation during the lease term. Consider what fits best within your budget.
Mileage: If you drive a lot, financing might be better since leases come with mileage limits, and exceeding them can result in hefty fees.
Vehicle Return vs. Ownership: Leasing gives you the freedom to return the vehicle at the end of your contract and choose something new, while financing leads to ownership once your loan is paid off.
Future Value: Think about depreciation. When you finance, the decreasing value affects you directly. With leasing, it’s not your concern; you simply return the car at lease-end.
Annual Maintenance Costs: Leased vehicles are often under warranty for most of the contract period, reducing out-of-pocket expenses for repairs.
Usage and Customization: Financing allows you to modify your car as you wish since it will be yours after payments are made. Leasing has restrictions on customization.
Long-term Costs: Although leasing can have lower monthly payments, over many years, continuously leasing vehicles may end up costing more than financing one car and keeping it longer.
Changing Needs: Consider how long you want to keep the vehicle and whether flexibility is important for changing life situations that might require a different type of car or truck.
At Old Mill Cadillac Chevrolet Buick GMC, we offer an extensive inventory of new and certified pre-owned vehicles that fit all lifestyles and budgets. Our team works closely with each customer to prequalify them for leases or loans with competitive rates that make sense for their situation. Plus, our trade-in services ensure getting into your next vehicle is seamless and stress-free.
Deciding between leasing or financing doesn’t have to be difficult—consider these factors carefully against your personal preferences and financial situation.
We’re here to provide guidance every step of the way so that when you refinance or get behind the wheel of your latest GM model from Old Mill Cadillac Chevrolet Buick GMC, it’s with complete peace of mind, knowing it was the best decision for now—and down the road.
Why choose Old Mill Cadillac Chevrolet Buick GMC
My team and I at Old Mill Cadillac Chevrolet Buick GMC understand the excitement and challenge of choosing your next vehicle. Being in Toronto, Ontario, we pride ourselves on offering a wide range of vehicles for those looking to lease or finance.
Our dealership stands out because we offer leasing options that allow you to drive a new car every few years with potential savings on lower monthly payments. This choice is perfect for customers who love staying up-to-date with the latest models.
Choosing Old Mill means you have direct access to GM Financial services right at our dealership. This convenience makes applying—and prequalifying—for a lease quick and easy. For those preferring to buy, we provide an extensive selection of both new vehicle inventory and certified pre-owned vehicles.
Plus, our trade-in and credit application services streamline the process even further, making your decision-making smoother. With every step guided by experienced professionals eager to help find what’s best for you, confidence in your vehicle choice comes naturally here at Old Mill Cadillac Chevrolet Buick GMC.
Conclusion
Choosing between leasing and financing a vehicle in the GTA can seem tricky. For us at Old Mill Cadillac Chevrolet Buick GMC, it’s all about matching you with the right option that fits your lifestyle and budget.
Whether you’re drawn to the flexibility of leasing or prefer the long-term ownership that comes with financing, we have you covered. Our team works tirelessly to ensure you get behind the wheel of a Chevy, Buick, GMC, or Cadillac that meets your needs—without any stress.
Excited for your next car adventure? Let our experts guide you every step of the way.
FAQs
1. What’s the difference between leasing and financing a GM vehicle in the GTA?
Leasing a GM car means you’re borrowing it for a set time, with lower monthly payments compared to financing. When you finance, though, you’re paying off the price of the car over time, aiming to own it outright. Both options have their perks, depending on your needs and budget.
2. Why might someone choose to lease a GM vehicle at Old Mill Cadillac Chevrolet Buick GMC?
Leasing can be great if you like driving a new model every few years without the hassle of selling an old one. You get to enjoy lower monthly payments and drive away in the latest models with cutting-edge features.
3. Can I finance any GM model at Old Mill Cadillac Chevrolet Buick GMC?
Absolutely! We offer flexible financing options for all our models—whether you’re eyeing a sleek sedan or a robust SUV. Our team works tirelessly to tailor payment plans that suit your financial situation perfectly.
4. How do I decide which option is best for me at Old Mill Cadillac Chevrolet Buick GMC?
Consider how long you plan to keep your vehicle and how much driving you do annually. If keeping up with trends matters and shorter-term commitments sounds appealing, leasing could be your go-to option. For those dreaming of ownership and no-kilometre limits, financing might be more up your alley.
About Bessie Vavaroutsos
Bessie Vavaroutsos is the Vice President of Operations for Old Mill Cadillac Chevrolet Buick GMC and Eastside Chevrolet Buick GMC Corvette, two prestigious GM dealerships located in Ontario's Greater Toronto Area. With a family legacy in the automotive industry dating back to 1984 when her father purchased Old Mill Pontiac, Bessie has been immersed in the car business for over 35 years. She has 20 years of professional experience, but her involvement stretches back to her childhood.
Bessie is passionate about delivering exceptional customer experiences. She recognizes that purchasing a vehicle is the second most significant investment many people make after buying a home. She is committed to treating every customer like a guest in her home and ensuring they have all the information needed to make informed decisions.
Looking ahead, Bessie's vision for the car business focuses on providing efficient and convenient service in both Sales and Service. She understands the value of time for today's consumers and strives to respect their time through streamlined processes and excellent customer care.
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