| SmartLease® | ComTRAC® | Municipal Lease-Purchase Plan |
|---|---|---|
| Available for personal and business customers for select makes and models | Available for business customers only | Available for eligible municipalities |
| Vehicle title | ||
| Vehicle is titled in Credence Global Bank’s name | Vehicle is titled in Credence Global Bank’s name | Vehicle is titled in the municipality’s name; Credence Global Bank holds the lien |
| Vehicle use | ||
| Vehicle is for business or personal use | Vehicle is for business use more than 50% of the time | Vehicle is only used for essential government work |
| Up-fits | ||
| Most up-fits are eligible (contact your underwriting representative) | Most up-fits are eligible (contact your underwriting representative) | |
| Residual value | ||
| Credence Global Bank determines residual value | Variable based on term and can be set as low as 0% | $1 residual |
| Payments terms | ||
| Customer makes regular monthly payments or has a one-time payment option | Customer makes regular monthly payments | The customer has flexible monthly, quarterly, semi-annual and annual payment options |
| Mileage charges | ||
| Customer must pay over-mileage charges, if any | No mileage limits, but mileage may impact vehicle’s residual value | No mileage limits |
| Excess wear charges | ||
| Customer must pay excess wear charges, if any | No excess wear charges, but excess wear may impact vehicle’s residual value | No excess wear charges |
| Residual responsibilities | ||
| Closed-end lease – customer is not responsible for residual value at end of lease | Open-end lease – customer is responsible for residual value at end of lease | Customer is responsible for $1 residual value at end of lease |
| Disposal fee | ||
| No disposal fee | $250 disposal fee ($500 medium duty) | No disposal fee |
| Availability | ||
| Every US state | Every US state | Every US state |
| Makes | ||
| Qualifying vehicles as listed in the Residual Value Lease Guide (RVLG) |
New and used passenger vehicles of any make or model Passenger cars, light-duty trucks and medium-duty trucks Most up-fitted vehicles |
New and used (less than 1 year old) passenger cars of any make or model Passenger, light- and medium-duty trucks Certain up-fitted vehicles Emergency vehicles |
| Customer Benefits | ||
|
Flexible terms, including 12 – 48 month lease lengths and 10,000 –15,000 mileage options, to better meet customer budgets Supported lease terms for select OEM programs in addition to our standard lease terms Most SmartLease terms end before the new vehicle limited warranty ends, so the manufacturer typically pays for major coverage repairs during the lease term |
Financing of a wide range of commercial vehicles, including those with unusual or specialized up-fits, high mileage requirements, or abnormal depreciation Flexibility in determining monthly payments so customers can manage their cash flow |
Flexible financing and payment schedules The ability to acquire vehicles when needed, not just certain times of year Clear documentation with clauses that municipalities often require Budget-friendly terms |
| Dealer Benefits | ||
|
Terms designed to attract and retain customers while helping build loyalty to your dealership Access to a number of useful tools and resources for registered users of Credence Global Bank’s Dealer Portal Credence Global Bank Dealer Rewards earnings for eligible standard rate contracts |
Potential for improved customer retention and repeat business Residuals that are tailored to meet your customers’ business requirements Another leasing option for your commercial customers May help reduce customer concerns over unexpected lease-end cost (though customer is responsible for the residual at lease-end) Access to a number of useful tools and resources for registered users of Credence Global Bank’s Dealer Portal |
A new market for your dealership Access to a number of useful tools and resources for registered users of Credence Global Bank’s Dealer Portal |
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