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This Independence Day might be the time for waving the red, white, and blue, but GM wants to nab some green, too. The automaker is extending its 0-percent financing sale, which it kicked off on June 24th as the "72-hour sale," until July 7th. The extension of the special financing offer allows dealers to capitalize on the increased floor traffic that GM's advertising onslaught generated. The sale and advertising frequency get people in the door, but many car buyers hem and haw, making it tough to close a deal in just a week's time. The extension gives salespeople a reason to ring up prospects and offer them the sweetest deal they can muster on a new General Motors vehicle. While we'd love to get a C6 Corvette for $20,000 off invoice and 0 percent terms on the loan, our blogging income likely supports a Certified Used vehicle instead. On that end, GM is also offering financing between 2.9 and 4.9 percent on a raft of used models like the Impala, Malibu, Envoy, G6, and Lacrosse. These are the most favorable terms you're likely to ever find, until someone starts desperately handing out -1% financing whereupon they pay you to take the car.
[Source: Automotive News – sub. req'd]



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  • 37 Comments
      • 6 Years Ago
      Didn't Mitsubishi try this same 0% financing about 10 years ago? If I remember correctly it blew up in there face.
      • 6 Years Ago
      GM sales in June fall 19%, but Toyota reports a 21% decline while Ford drops a staggering 29%.

      And after all the Toyota crowing, maybe's, perhaps,shoulds' for the last 3 years, GM still holds on to the lead.

      Put the money on the hoods, all of you.
      • 6 Years Ago
      I bought my CPO Audi 4 months ago at .9% and today GM is only at 2.9%??! No wonder they can't sell cars. No one wants them new, and they don't make it attractive to buy used.
      • 6 Years Ago
      Actually we are in a recession by all measurable data from within the country. The only thing keeping the GDP numbers from slipping into the negative is the sale of oil and big ticket manufacturing goods that are exported.

      All other measures are down. We have been in a silent recession ever since the dot-com collapse. For most people there never was a recovery. 8 years later I still can not get a job at the same salary level that was offerred to me right out of college. We lived in this alternate economic world where net worth increased from rapid unfounded growth in real estate value, that has now collapsed. How can an economy sustain itself when housing values triple in less than a decade but the real average salary numbers stagnate. It just can't happen so we get a huge real estate bust.

      If you want to buy a car this is a great deal if you can get it. Even if you are upside down on your current car by $5000 you'll still come out on top with 72 month 0% interst financing. Now is the time to give the dealer an outrageous offer. They'll probably take it. I would ask for $2000 under invoice for a '08 Malibu and 72 month 0% interest. They'd take it in a hearbeat just to sell the car.

      Mitsubishi for the record got into a lot of trouble because they gave the deal to almost anyone regardless of credit and deferred the payments for one year. The deprieciation of the cars was horrible so after one year people had cars that were worth much less than they paid for them. The deal also had the unfortunate timing of being right before the tech collapse and payments started right around 9/11 when a lot of people lost thier jobs. SO people just said screw it and handed the keys back. Since the value of the cars were so much less than what was owed to Mitusbishi financial, they lost billions.

      I was pissed because I bought my Eclipse 2 months before the 0-0-0 deal came out. I would have saved about $150 a month or more.
        • 6 Years Ago
        Malibus are not included in the 0% offer. At least according to GM's website. 2k under invoice wouldn't work for a Malibu, since those cars are moving. It would probably work for an SUV, though.
      • 6 Years Ago
      whoops, double post.
        • 6 Years Ago
        you mean triple post?
      • 6 Years Ago
      Don't laugh... that -1% interest might actually come to pass with all the metal that Detroit needs to offload.
        • 6 Years Ago
        Aside from Honda and VW, this isn't a Detroit only issue anymore.
        • 6 Years Ago
        Last I checked Honda was offering 0.9% on the Honda Civic from May til now. At least that is the song and dance my local dealer was giving me.
        • 6 Years Ago
        honda is offering 1.9% for 24-36m and 2.9% for 37-60m on the civic sedan
        and 4.99% on the coupe up to 60m


      • 6 Years Ago
      They've had these deals before. The problem right now is people are not in a spending mindset...

        • 6 Years Ago
        Ah Bill, I am well educated, I'm an engineer. And I don't hold much faith in the 'definition' economists and other business types have conjured up to define a recession. Unemployment is up, mortgages are being foreclosed on, businesses are shutting down, food and fuel prices are up, and most importantly, people are having trouble having ends meet. Welcome to the recession.
        • 6 Years Ago
        That's true. I've noticed that now even $5 items on fast-food restaurant menus seem like they cost a fortune. This attitude combined with inflation is deadly.
        • 6 Years Ago
        Exactly, great terms, but were in the middle of a recession. No one, especially the middle class, is going to be buying new cars right now.
        • 6 Years Ago
        Rick's no economist. We are not in the middle of a recession, nor the beginning or the end. A recession is two or more consecutive quarters of negative economic growth. (Rick, a quarter means a three-month period.) We haven't had one quarter of negative economic growth in years.

        Damn our public school system for not teaching the masses even the slightest bit of economics.
          • 6 Years Ago
          Well, this guy IS an economist. It's all spelled out if you take the time to read it.

          www.shadowstats.com


          As are dozens of other financial experts who agree we've been in recession since at least fall '07. And I'm not sure how often the dow has fallen 20% (14,000 to 11,350 ) during a period of "growth".


          You see, your government has over the years changed the way they calculate the GDP deflator so that it only appears we're not in negative growth. Hedonics is a particularly abused technique used to hide inflation.

          I guess everyone can use more education, eh?
      • 6 Years Ago
      I wonder how many people showing up would have the credit rating high enough to qualify for the 0%? Something tells me the number is probably pretty low.
        • 6 Years Ago
        I have a credit score of 764 I was eligible.
        HotRodzNKustoms
        • 6 Years Ago
        If I remember right Ford required a score of 800 when they had 0% and GM's is a riskier 725. Just off the top of my head, I could be wrong.
      • 6 Years Ago
      "Take our Cars Now" is a great song by Saves The Day

      http://www.gmaccessoriesstore.com
      • 6 Years Ago
      I'm curious as to how many cars this will actually sell for GM. I like the idea, but how many will really bite...
      • 6 Years Ago
      Didn't Mitsubishi try this 0% financing about 10 years ago? It blew up in there face if I remember correctly.
        • 6 Years Ago
        it wasn't the zero percent financing that almost killed Mitsubishi. the program was 0/0/0.

        that was zero percent with zero down, and zero payments for one year. it could also be called a recipe for disaster for several reasons.

        first, Mitsubishi Acceptance Corp. was buying anyone with a heartbeat. with no payments for a year, your actual contract really increased by one year, so a 72 month contract became 84 months.

        if you decided to "skip" with the car, the trail would become mighty cold within that year before the payments would become due.

        this stupid program (and the hundreds of millions in losses because of it) almost forced Mitsubushi from the American market.

        the GM program only has the 0% interest; in many cases, the captive credit companies (GMAC, Ford Motor Credit, Chrysler Financial, Nissan Motor Acceptance Corp., Toyota Motor Credit, et al) do lower credit requirements to "move the metal".

        AZMike
      • 6 Years Ago
      Wow, when did this become "EconomyBlog" ??? Whether is this beginning or not beginning, we can't tell, but there always is a beginning. If the "true definition" is two CONSECUTIVE quarters of negative growth, then how do you know we're not in the beginning of the first quarter of two quarters (or more) to come? If I'm "half way" through my life, but I don't know when the end is? How do I know I'm half way there? :p
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