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GM to launch new-car finance, leasing service for Australia

By Barry Park, 07 Jun 2018 Car News

GM to launch new-car finance, leasing service for Australia

Holden taps US parent company to run its customer-facing loans and leasing program

Holden has relaunched its financial services product under the banner of the brand’s global owner, GM.

GM Financial will officially launch here early next year, with the group saying it will allow its customers to “affordably upgrade their cars every few years”.

As well, the finance company will allow customers to lock in a future trade-in price for their car at the end of the leasing period.

The group will operate under the name of Holden Financial Services from October this year.

In the US, GM Financial allows customers to lease a vehicle, and then trade it in at the end of the lease period and swap it for a new vehicle.

Read next: 2018 Holden Equinox LTZ-V long-term review, part two

They also have the choice of handing the car back to the financial group and walking away, subject to the terms outlined in the lease agreement.

GM Finance asks US customers to make a down payment for leasing the vehicle, and then offers a number of mileage options. Unlike some lease options available here, the US requirement is for owners to service the vehicle by the logbook, or not make changes to its appearance.

Holden previously offered personal loans to buy cars and novated lease packages via a tie-in with St George Bank, a service that has also operated under the Holden Financial Services name.

Holden has also recently launched Maven, a short-term car leasing service for ride-sharing drivers.

It costs from $215 a week to use the service, depending on the size of the car.