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."
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.