GM ends zero percent financing offer for new car sales
Wednesday, May 1st 2002, 12:00 am
By: News On 6
DETROIT (AP) _ General Motors Corp. is ending the no interest financing offer that the nation's biggest automaker used to boost sales of new cars and trucks after the Sept. 11 terror attacks.
In its place, GM said Tuesday it is launching an incentive program it has dubbed ``1-2-3.'' It offers $1,000, $2,000 or $3,000 in cash discounts to buyers and financing rates of 1.9 percent, 2.9 percent or 3.9 percent on loans of 36, 48 or 60 months, respectively.
The ``1-2-3'' offer notably excludes ``zero,'' as in the zero-percent financing offer that led to a fourth-quarter spike in vehicle sales that made 2001 GM's second-best year on record.
The ``1-2-3'' program covers all new 2002 model Buick, Cadillac, Chevrolet, Oldsmobile and Pontiac-GMC vehicles purchased through July 1.
``GM and its dealers have had great success using simple marketing programs,'' said Bill Lovejoy, group vice president for GM North America vehicle sales, service and marketing.
Ford Motor Co. and DaimlerChrysler AG have not announced replacement programs for their incentive offers.