GM kicks off 0 percent loans and cash incentives

Posted: Dec 31, 2008
Filed under: GM, Industry News

Just a couple hours after the U.S. Treasury department announced that it will purchase a $5 billion stake in GMAC LLC, General Motors has announced new incentives. GM announced today that it is offering 0 percent financing on the discontinued Chevrolet TrailBlazer, GMC Envoy, Saab 9-7X, Saab 9-3 and the Saab 9-5.

GM said that it is also offering new cash incentives on other vehicles including both 2008 and 2009 models. The incentives will run through Jan. 5th.

According to Automotive News, Mark LaNeve, GM’s North American vice president of sales and marketing said that GM may expand the incentives starting Jan. 6. He said that dealers are happy to have GMAC writing more car loans.

“Any tool they can get to make credit available and put deals together is a good thing,” he said. “Anytime you can make credit available to a wider spread of buyers, that’s a good thing.

Besides the 0 percent loans on some of its vehicles, GM is also offering cash ranging from $500 to $4,250.

Related Posts:

  1. Ford offering orphaned Chrysler customers cash incentives
  2. Chrysler launches new round of incentives, offering up to $6,000
  3. Daimler agrees to let go of 19.9 percent stake in Chrysler, forgives loans
  4. GM announces 49 percent drop in Jan. sales, offers new incentives
  5. GM offering huge incentives on many Pontiac, GMC, Buick models

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  • I'm so love this blog, already bookmarked it! Thanks.
  • Pat
    This still doesn't make me want to buy American
  • Bobmarley
    Zerrmatt,

    didnt you ask about 0% loans? Just gotta buy a Trailblazer! =o
  • zermatt
    At first I was only joking, but within a couple of hours of my post one of my contacts told me that 0% was a done deal.

    The next step for GMAC will be to allow buyers to go back to the imprudent practice of loading negative equity into their new loans. Maybe not 140% or more of the purchase price, but certainly in the 125% range may be necessary to get more purchasers into the showroom.

    Negative equity is a contributor to the financial problems that auto lenders have had, but it is clear that the people with the worst financial habits and/or credit are the ones that were propping up the auto industry and the economy in general.
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