More Frequently Asked Questions:

Given this is an international student, what would the Dealer be required to enter in the portal under "employment, address, and years" etc. for the application process?
  • "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."
Since the application is an International student and will likely not be employed, what do the business managers need to enter into the portal as income during the application process?
  • Enter the amount of funds that will be shown as deposited monthly into their bank account, which will be verified via bank statements. 
What documents are required for proof of residence?
  • 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. 
The program requires bank statements from the last three months. What if the student has been in Canada for less than three months?
  • We will be looking for a reasonable bank balance and will access each situation on a case by case bases. 
The program calls for three months of bank statements - Do these need to be from a Canadian Financial Institution?
  • Yes. This will support the required pre-authorized debit for each lease payment.
How much details is required regarding the parents' contact information?
  • The program stipulates we need the applicant's parents' name, address, phone number and email address.
The program requires a letter from the student's Registrar. Whats schools are eligible?
  • Students must be currently enrolled in an accredited College, University or CEGEP program. 
What if the lease term is greater than the remaining term on the student visa?
  • 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-months lease) the student is also required to pay an additional to pay an additional security deposit for each month that exceeds the remaining term of the student visa, to a maximum of 12 months. 
  1. Example: 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.  
  2. Example: 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. 
  3. Example: Student visa expires in 8 months and dealer selects a 24-months lease. The client is not eligible for this program as lease term exceeds the visa expiry by more than. 12 months. 
How will these payments be refunded at the termination of the lease?
  • 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. 
Are there kilometre restrictions under the program?
  • Standard program parameters apply.
Which new GM Vehicles are eligible?
  • All vehicles that qualify for GM/GM Financial lease programs as published.
The program requires 20% of MSRP as cash down. Can we use GM program credits or dealer discounts to satisfy this requirement?
  • 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.
What do i do if the application is auto denied?
  • Please contact your analyst for further review (604) 324 - 7222