Today General Motors announced a new discount program for Chevrolet, Buick, Pontiac, GMC, Saab and Saturn (not Cadillac and HUMMER) that features a little bit of cash back and a lot of 0% financing. The industry is seeing a larger than normal number of people opt for financing because of rising interest rates, and GM's own 72-Hour Sale over the Fourth of July weekend that offered 0%-financing deals gave the company a boost almost big enough to reach its sales goal for July.
The new incentives will be marketed separately for each of the six brands participating, with Saturn taking the decidedly hassle-free approach of just lopping 10-percent off the sum of the sticker price and destination charges. The other brands will have a menu of financing options and bonus cash that range from 0% financing for 36 months all the way up to 72 months on some SUVs and big pickups. This new incentive drive will also extend financing and bonus cash offers on most 2007 SUVs and big pickups, though won't go so far as to offer 0% financing on any '07 models.
This push will take us all the way through the end of the summer and conclude on September 5th, which means GM will have survived the summer without offering us the enticing yet damaging carrot of employee pricing.
[Source: The Detroit News]