Smartbuy is a good program - you "own" the car.
The plans vary by how many miles you plan to drive each month. If you go over, there are $'s to pay if you opt to get out of the program.
Smartbuy allows you to get out of the contract at a predetermined time (sometimes earlier). You can just drop the car/truck off at the dealer and walk away, trade in for another (no negative equity!!!!), or keep it an keep paying. Smartbuy allows for lower payments like a lease but you OWN the car and can sell it at anytime BUT those lower payments can come back to haunt you.
Example: your smartbuy is based on a 5 year loan with the 4th year being your "out" year. You opt to walk away from it because you are unemployed. Done, thats it. You have 4 years of credit history in your favor but no car... and no debt.
Example: your smartbuy is based on a 5 year loan with the 4th year being your "out" year. You opt to keep the vehicle. At this point you have options - pay the balloon payments or refinance for a longer term. Certainly some pro/cons there! Easy to get yourself into a 6th+ year of financing!
My ONLY regret was I was on a 1200mile per month limit and went over some. This cost me $1500 !! Zoiks! I learned the hard way that if I say "I dont remember what the mileage limit is", they cant instantly verify that. He took my guess at something higher as accurate. The $1500 bill came after the truck was gone and I had another vehicle. While this makes me look dumb I had to keep it short here. If you need more info lemme know.
really.
