According to GM’s 2014 annual report filed with the Securities and Exchange Commission (SEC) on February 4th, General Motors is considering giving all Chevrolet lease incentives to its captive finance arm, GM Financial.
“U.S. lease exclusivity with Chevrolet dealers is under consideration,” the company wrote in its report, stopping short of confirming plans to give GM Financial the exclusive Chevy lease incentives.
Earlier in February, GM Financial became the exclusive preferred lease lender for GM’s Buick-GMC brands in the U.S. In March, it will become the same for Cadillac.
Though there’s not much surprise surrounding news that GM Financial will soon assume exclusivity of Chevrolet lease incentives, the development is noteworthy since it marks the first time that GM has publicly disclosed the idea of making GM Financial the preferred lease lender and exclusive lease incentive carrier for Chevrolet vehicles. Currently, Chevrolet lease incentives are shared among GM Financial, Ally Financial, and U.S. Bank. It is widely believed that GM is making sure that GM Financial has all the kinks worked out of its system before giving it the high-volume Chevrolet business.
GM Financial CEO Dan Berce believes that the captive finance arm is ready to handle all of GM’s lease and finance business, saying that GM Financial is “completely ready for lease exclusivity in 2015” during a recent conference call.