OSHAWA, Ontario -

General Motors of Canada has rolled out a new financing package via Ally that allows its dealers to offer consumers flexibility, attractive rates and some of the benefits of a lease without the drawbacks.

Basically, when a customer chooses the Smart Purchase financing program, the term of the loan is for up to 84 months.

After either 48 months or 60 months, the consumer has the choice of returning the vehicle for a predetermined buyback price. There is a disposal fee and the money the consumer receives is dependent on whether there is any excess wear and tear or mileage charges, officials noted.

If the consumer decides not to return the vehicle at this point, the driver can simply go on making the same payments for whatever is left of the term.

Officials noted that Smart Purchase differs from a traditional lease program. Say the customer decides to keep the ride after the term. At this point, because they maintain ownership, the customer does not have to worry about safety inspections, taxes or fees.

Customers can also choose to take care of the outstanding balance in one sum — whether paying all of it or just a part — before the term ends, as well.

All Chevrolet, Buick, GMC and Cadillac vehicles are eligible under this program.

“Smart Purchase is an innovative alternative that provides the benefits of vehicle ownership to those customers looking for affordable payments and maximum flexibility,” stated Kevin Williams, president and managing director of GM of Canada.

“By rethinking the way we traditionally do business, we are able to provide the best possible ownership experience for customers,” he added.