PLANO, Texas — General Motors Financial Co.’s new open-ended leasing product, The Right TRAC, is slated for launch “within the next couple of months,” according to Kevin Peters, GMF’s senior vice president of commercial vehicle lending.
The program’s structure gives business customers responsibility for the vehicle’s residual value at the end of the term, Peters told AFN, which means consumers are not bound by mileage restrictions. This new lease is the final product the captive needs to complete its suite of commercial offerings, which includes traditional finance (APR), plus closed-end lease and municipal lease programs, he said.
Separately, GMF will pilot a fleet-management product with dealers “within the next month,” Peters added, which will provide fuel cards, maintenance management, and other offerings. GMF will team up for the product with a software provider, which the captive expects to announce before the pilot launch.
“In the past, a lot of the dealers complained they lose that business to independent leasing companies or fleet-management companies,” and with this option, “we are able to bring those products to them,” he said. The fleet-management system is “ready to go,” according to Peters, but is still in testing mode while GMF tries to pair other products within the system, including the TRAC lease program.
