International Student Lease Program
International Student Lease Program
International Student Lease Program
This particular program is applicable for international students studying in Canada. These students must be currently enrolled in an accredited University, College or CEGEP program in Canada.
Program parameters
- Qualifying new GM vehicles
- All leases will be set up on pre-authorized payment plan
- The maximum lease payment is $650 per month [minimum $100 per month]
- A down payment of 20% [of MSRP] is required as well as a 5% security deposit [of MSRP]
- Lease term – The lease term must be aligned to the closest term remaining on the student visa [maximum term 48 months]. However, if the lease term exceeds the remaining time on the visa, GM Financial requires an extra security deposit equal to the monthly payment [including taxes] for each month it is over, to a maximum of 12 months
Verification and Identification requirements
- Letter from the University Registrar, confirming program enrollment
- Bank statements [previous three months required]
- Copy of Student Visa
- Proof of Residence
- Proof of Canadian Driver’s license
- Parent contact information [address, telephone number, email]
Frequently Asked Questions:
Enter the following:
- “International” student in the Employer
- School address and length of time the student has been in their program (i.e. – 5 months).
- Best Practice – Please have your business manager enter in the Notes section of the portal:
- “This is an International Student.”
Enter the amount of funds that will be shown as deposited monthly into their bank account, which will be verified via bank statements.
We require one of the following statements in the applicants name, with the address matching the address on the credit application: Utility bill [telephone, gas, electric, water]. cable bill, cell phone bill, credit card statement, or a bank statement.
We will be looking for a reasonable bank balance and will assess each situation on a case by case bases.
Yes. This will support the required pre-authorized debit for each lease payment.
The program stipulates we need the applicant’s parents’ name, address, phone number and email address.
Students must be currently enrolled in an accredited College, University or CEGEP program.
The program requires a security deposit of 5% of MSRP and if the applicant’s student visa expires before the end of the lease, [i.e. 30 months remaining on student visa, 36-month lease] the student is also required to pay an additional security deposit for each month that exceeds the remaining term of the student visa, to a maximum of 12 months.
- Example 1 – Student visa expires in 33 months and dealer selects a 36-month lease. The client is required to increase the security deposit by J monthly payments.
- Example 2 – Student visa expires in 40 months and the dealer selects a 36-month lease. Proceed as normal – there is no additional security deposit required as lease matures before visa expires.
- Example 3 – Student visa expires in 8 months and dealer selects a 24-month lease. The client is not eligible for this program as lease term exceeds the visa expiry by more than .12. months.
Security deposit returns will be handled in the same manner as our standard lease program. Students need to keep GMF apprised of any and all address changes.
Standard program parameters apply.
All vehicles that qualify for GM/ GM Financial lease programs as published.
No. The required down payment and security deposit must come from student lessee. Taxes are in addition to the down payment requirement, as is standard with leasing.
Please contact your analyst for further review [877-330-0990]
Yes.
Student must have a valid Canadian driver’s license
