DETROIT — Ally Financial said it plans to expand its Ally Buyer’s Choice product to 12 additional states in December. The product will be available in 17 states by the end of the month and the company plans further expansion of the product to additional markets across the country in the coming months. 

Ally Buyer’s Choice combines the advantages of leasing with the benefits of financing a vehicle at a fixed rate and payment. The main benefit to consumers is that they can sell their vehicle back to Ally at the 48^th month of their contract at a pre-determined price. The product is available on new 2011 and 2012 General Motors and Chrysler vehicles.

“Ally Buyer’s Choice is a true differentiator in the market and provides great flexibility and choice for consumers,” said Tim Russi, executive vice president of North American Operations for Ally Financial. “Historically, consumers have only had two options when shopping for a new vehicle — financing or leasing. With Ally Buyer’s Choice, we’ve created a third option to help meet a variety of needs for dealers and consumers.”

Vehicle financing terms through Ally can range from 60 months to 84 months, according to Ally. At the 48th month, customers can choose to sell their vehicle to Ally or continue making monthly payments for the duration of the finance contract if they wish to keep their vehicle.

The product debuted in California, Florida, Illinois, New York and Texas in November. States added today include Michigan, Ohio, Pennsylvania, New Jersey, North Carolina, Georgia, Missouri, Maryland, Washington. By Dec. 12, the new finance option will be available in Arizona, Mexico and Kentucky.