PHOENIX, March 3, 2015 /PRNewswire/ -- More than a
quarter of all vehicles are now leased and this number is on the
rise. Consumers are looking for alternatives to traditional
financing and dealers are delivering, including used car dealers.
Recognizing a need in the marketplace, DriveTime, the nation's
largest used car dealer helping people with credit issues find and
finance vehicles, has introduced its Cancel Anytime Lease program
across 126 dealerships nationwide.
DriveTime has created this unprecedented used car lease option
to give consumers access to a vehicle with a down payment under
$1,000 and the ability to return the
car at any time and cancel the 30-month lease agreement. The Cancel
Anytime lease allows customers to return their leased vehicle to
the dealership and end the contract at any time, without
negatively affecting their credit score or incurring financial
penalties. And it's paying off; the company has seen a 25%
incremental growth to its business since the introduction of the
program.
When it comes to basic transportation needs, many Americans
struggle to cover the costs, particularly the estimated one third
of consumers with non-prime or lower credit ratings. The average
person with a non-prime credit score won't typically qualify for
new car lease promotions, while the average used car down payment
exceeds $2,000*. With Cancel Anytime,
customers can experience the benefits of personal transportation
without the burden of a rigid auto loan or lease and without a
significant down payment.
Over the past 18 months, DriveTime tested the program to find
out exactly what consumer's pain points are when it comes to
vehicle ownership. With the Cancel Anytime Lease, consumers can
drive up to 24,000 miles per year and are only required to maintain
the state's minimum liability coverage. Lessees also receive a
complimentary maintenance package which includes oil changes and a
limited warranty lasting the life of the lease covering all
critical vehicle components – allowing them to drive worry
free.
"We understand the financial challenges that face American
consumers today, and are dedicated to providing transportation to
anyone, no matter your credit score," said Chris Braddock, VP of DriveTime. "By giving
greater flexibility with our lease program, we are able to better
serve our customers, giving them access to a vehicle on their own
terms, so that they can experience many of the same benefits of
vehicle ownership, without the drawbacks."
About DriveTime
DriveTime is the $3 billion dollar auto dealer and lender you
never heard of. It started out as Ugly Duckling Rent-A-Car in 1977
and went through a series of transformations before becoming
DriveTime in 2002. DriveTime Automotive Group, Inc. is the largest
used car dealer and financing company helping people with credit
issues find and finance vehicles in the USA. Based in Phoenix, Arizona, DriveTime currently operates
over 125 dealerships in 23 states, employing more than 3,500 people
across the country and serving over 100,000 customers a year.
CONTACT:
Bonnie Pedlow
212.931.6142
DTPR@peppercomm.com
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SOURCE DriveTime