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Article: GMAC bets on greater demand for wear-and-tear plans.(NEWS)
- Article from:
- Automotive News
- Article date:
- October 12, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: David Kushma
As General Motors Co. returns to vehicle leasing, its former finance company again is promoting wear-and-tear insurance to customers as a way to prevent unexpected charges at the end of a lease and to dealers as a way to build loyalty and repeat business.
SmartLease Protect, offered by GMAC Insurance, provides limited coverage of as much as $5,000 for wear and tear on a leased GM car or truck. The insurance also waives the lease customer's security deposit.
The retail price of the coverage ranges from $539 to $639, based on the length of the lease. GMAC declined to disclose the wholesale price of the insurance, although ...
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