In a sign of a renewed lease boom, Chevrolet on Wednesday announced plans to lease about 7.7 million vehicles to buyers who pay the maximum monthly lease payment of $3,500.
That would mark the second-highest leasing record in the United States for a major automaker, and Chevy said the move would give the automaker more flexibility to make the most of its limited production capacity.
The Chevrolet brand had a total of more than 2.4 million vehicles leased in fiscal 2017, including about 3.2 million in the U.S. market.
“We are proud of our record of success, and we are excited to see our lease program expand with this new lease program,” Chevrolet said in a statement.
More: Chevy leases are on pace to break the 4 million-vehicle mark for the first time, with 1.3 million vehicles currently leased in the first quarter of 2018.
In fiscal 2017 , Chevy leased 2.2-million vehicles to customers who paid at least $3.50 per month for the highest monthly payment.
Chevrolet said the new lease plan would allow the company to “maximize the value of our brand by offering customers the flexibility they deserve for the next decade.”
“In the meantime, we are making investments to ensure we are able to deliver on our long-term strategy of growing our brand,” it said.
GM has been a leader in leasing in recent years, leasing about 4 million vehicles in the last five years, including 2.6 million vehicles for the year ending Dec. 31.
While many automakers lease vehicles for years, this is the first one that’s offered leases for the entirety of the life of the vehicle.
It’s the latest move in the leasing war that’s also heating up between Tesla and its biggest competitor, the BMW Group, and Tesla and Ford.
Last week, Tesla said it was ending a lease program in North America that had helped the electric-car maker win more than 1 million vehicles.
Tesla also said it had extended its lease to 2018, with the company’s fleet up to 3,500 vehicles.