I was just wondering if someone could tell me how these two programs work. I recently saw a GMAC Smart Buy for a Cobalt that was listed as $100 a month -- obviously I know there is some fine print, but was wondering if anyone could tell me what the basic jist is behind a Smart Buy?
From what someone explained to me (but I question the source as he was never reliable in giving me good information in the past) you can purchase a GM vehicle, and they'll charge you X amount of dollars a month - but it is actually a cheaper monthly payment than a traditional purchase with amortization over a set amount of time. At the end of a specific time frame, you basically have to purchase the car outright or convert to a traditional purchase loan (sounds like a balloon on a mortgage). OR someone said you can "trade the car in" and use it as a down-payment toward another GM vehicle. I'm not so sure about that last part, but I do know a girl I went to high school with who trades in her Chevy for a new Chevy every two years -- and she swears she makes out on the deal (she's not too bright so I'm not taking her word at face value either! )
I also know there is a "Smart Lease" program, but I'm not sure how that works either...its probably a very different premise, no?
Okay, thanks fellas. I'm a bit ignorant when it comes to these things, and was looking for some direction. My car is getting up in miles and I'd like to possibly look at something newer in the months ahead and wanted some advice.
Okay, sorry for the