smart USA Responds to Consumer Interest for "cash for clunker" $99/month* Financing Offer
BLOOMFIELD HILLS, Mich., Jul 13, 2009 (BUSINESS WIRE) -- smart USA announced today the launch of the "smart USA Advance Program". Under the terms of this program, smart USA will advance to dealers the applicable credit under the government-funded Car Allowance Rebate System (CARS) when an eligible vehicle is traded-in with the purchase of a smart fortwo.
"Based on the incredible consumer interest to our industry-leading, $99 per month special financing offer, we felt the next logical step was to allow consumers to begin taking advantage of the CARS program immediately," said Dave Schembri, President, smart USA.
Previously, smart USA announced to consumers a $99 per month financing option, just after the government-funded CARS program was passed into law. The $99 per month offer is not a lease; rather it is an affordable way for consumers to purchase a smart fortwo. Under the offer, eligible customers will pay $99 per month for 35 months with a lump sum due at the end of this period. Consumers will own their smart fortwo, benefit from its low cost of ownership, and have the option of using the residual value of the vehicle toward the final lump sum payment.
Eligible smart fortwo buyers with a trade-in meeting the applicable CARS program requirements are expected to receive the $4,500 maximum credit allowed under the CARS program as the smart fortwo has a combined fuel economy rating of 36 mpg.
smart USA has set aside a limited number of vehicles for immediate delivery in conjunction with this program. Interested consumers can learn more about the smart USA $99 per month* offer and can locate their local smart center by visiting www.smartusa.com, or by calling the smart1 customer care center at 1-800-smartusa.
ABOUT the smart fortwo and smart USA
smart USA Distributor LLC, headquartered in Bloomfield Hills, Michigan., is the exclusive distributor of the smart fortwo in the United States and Puerto Rico and is a wholly owned subsidiary of Penske Automotive Group, Inc. The smart fortwo is a brand of and is manufactured by Daimler AG. This technologically advanced vehicle achieves 41 mpg on the highway and is an ultra-low emissions vehicle, as certified by the State of California Air Resources Board. The vehicle is 8.8 feet long, 5.1 feet tall and 5.1 feet wide and comes equipped with many functional and safety features found in most luxury models. smart is currently sold in 36 other countries, and more than one million smart fortwos have been sold since 1998. The 2009 smart fortwo is available in five trim levels ranging in price from $11,990** to $20,990**. For more information visit the smart USA website - www.smartusa.com.
** For 2009 models. Excludes tax, title, registration, destination charge, options and other dealer fees.
smart is a registered trademark of Daimler AG.
ABOUT PENSKE AUTOMOTIVE GROUP
Penske Automotive Group, Inc. (NYSE:PAG), headquartered in Bloomfield Hills, Michigan, operates 311 retail automotive franchises, representing 40 different brands and 25 collision repair centers. Penske Automotive, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 160 franchises in 19 states and Puerto Rico and 151 franchises located outside the United States, primarily in the United Kingdom. Penske Automotive is also the exclusive distributor of the smart fortwo through its wholly-owned subsidiary smart USA Distributor LLC. smart USA supports over 70 smart retail centers in the United States. Penske Automotive is a member of the Fortune 200 and Russell 1000 and has more than 14,000 employees. smart and fortwo are registered trademarks of Daimler AG.
*Financing for qualified buyers available through Daimler Financial Services at authorized smart center dealerships registered in the CARS program.Not all customers will qualify.Subject to credit approval by the lender and the terms and requirements of the CARS Program and associated regulations promulgated by the United States Department of Transportation.$99.00 monthly payment based on customer trade-in of an eligible vehicle qualifying for the CARS $4,500 voucher level, a $70.57 combined contribution by Daimler Financial Services and smart USA, a 36-month balloon loan with $0 cash due at signing (excluding tax title and dealer fees), a final balloon payment of $6,667.50 at the end of the loan term and a $ 13,335 MSRP, which includes the destination charge and excludes tax, title and dealer fees. 5.9% APR financing for 35 months at $11.30 per month, per $1,000 financed, plus the final balloon payment.Financing terms must be permitted under the CARS Program.Restrictions apply for eligibility for the $4,500 voucher under the CARS program; please see www.cars.gov for details. Offer only applies to new and unused 2009 smart fortwo model vehicles.Offer not available in all states. Visit your dealer for complete details on this and other financing offers.
For additional information, visit www.smartusa.com or www.penskeautomotive.com
SOURCE: smart USA Distributor LLC
For smart USA
For Penske Automotive Group
Senior Vice President
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