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Auto leases suspended for most vehicles
- Article from:
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The Arab American News
- Article date:
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September 6, 2008
- Author:
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Copyright informationCopyright Arab American News Sep 6-Sep 12, 2008. Provided by ProQuest LLC. (Hide copyright information)
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DEARBORN - After a pricing competition that has hurt dealerships' bottom lines, GM and Chrysler have suspended leasing programs for many cars across the country.
Local sales consultants say that the problem has become as big in Michigan as it has anywhere else, if not worse, because of the prevalence of leases leading to big losses. But it also is a nationwide problem.
'"It was a strange decision, they never really said any announcement, all we know is that GMAC had posted $25 billion loss directly involved with leasing,'" said Sammy Cheito, a sales and lease consultant at Superior Pontiac Buick on Michigan Avenue in Dearborn.
But despite the abrupt decision, Cheito said he knew something ...
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