![]() This allows for GM dealers to increase their inventory of used cars for their brand dealerships. GM now has total control over sale prices on their used vehicles.Ĭonsumers will have no option to shop around and get the best offer from companies like and our More Money Guarantee. What effect will this new rule from GM have on the market? ![]() It’s a seller’s market for used cars, and GM customers don’t want to miss out. Record low supply of both new and used vehicles has pushed used car prices sky high. When consumers started back to work and driving more, the chips were not readily available for automakers. More consumers needed laptops, cell phones and other electronic devices that used this same type of chip. As consumers began to stay home during the pandemic, automakers began to cut back on production of vehicles. The semiconductor chip shortage severely impacted both consumers and automakers. This has drastically reduced used car inventory for dealerships. Around 90% of lease customers are buying back their cars. In today’s market, 70% of leased cars have equity. Dealerships supplied their used car inventory with these cars on their lots. Prior to the pandemic, your leased car did not have much, if any, equity. GM’s new policy means if you lease a vehicle through GM Financial, you now have no option but to sell back to GM if you want to end your lease. However, as of May 2022, GM still requires lessees to sell to GM dealers, due to historic used car shortages. When first announced, this policy was intended to remain in place for the remainder of 2021. GM lessees are no longer able to sell directly to other dealerships, Carvana, CarMax or even. Previously, lessees of GM Financial were able to sell their vehicles to the highest bidder, then allow the new owner to pay off the lease. If you drive a Nissan, Infiniti, Honda, Ford, or GM vehicle, ending your lease is now subject to stricter conditions.Įffective July 1, 2021, General Motors began a new policy that allows only GM dealers (Buick, Cadillac, Chevrolet, and GMC) the opportunity to buy GM lessees vehicles. We’ve updated with new information as of May 2022, including more specific data on used car prices, clarification on auto market forces, and information on steps GM lessees may take to get the most money for their GM vehicle as this policy remains in place. This GM policy, though intended to end in 2021, has remained in place into 2022.
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