The Wall Street Journal puts forth the case that the government's $5 billion lifeline to GMAC has given GMAC a competitive advantage compared to its rivals. After the taxpayer cash was received, GMAC dropped the required credit score to get a loan and began offering 0% financing on several models, and rates from about 1% to 6% on a host of others. While doing so, it admitted that "w
GMAC – and ergo General Motors – just got another Christmas present: the Federal Reserve has granted GMAC bank holding status. GMAC has billions of dollars of bonds coming due over the next 12 months, but doesn't have the liquidity to cover the obligations. As of last week, the financing company was in the midst of a bond buyback effort in order to raise enough money to qualif
GM doesn't just have its eye on auto bailout funds -- its GMAC division (of which it owns 49%) is looking for cash from among the $700 billion pledged in the Wall Street bailout. Through the end of next year, GMAC has roughly $12 billion in bonds maturing. But to have any chance at getting Wall Street funds to address those maturing bonds, GMAC wants to become a bank holding company. And to do tha
UPDATE: We've been informed that the 0% financing for 72 months offer is only available for the 2008 Dodge Ram. Financing details for the 2009 Dodge Ram will be announced at a later date.
This is possibly the least shocking news of the day when you consider that the housing market, which fuels the full-size pickup segment, is in a slump and gas prices are rising once again. Nevertheless, General Motors must respond to market pressures, and in the wake of Silverado sales that fell 7% last month (that's the all-new, winner of the Motor Trend Truck of the Year, critically acclaimed Chevy Silverado), has decided to offer some new incentives to spur sales of Chevy's new truck and its
General Motors has decided to bring back 0% and reduced-rate financing on many of its models to save its sales efforts for March. No doubt the General is keen on putting up positive numbers for the month to compliment the other bits of good news that have signaled its turnaround may have turned the corner. The new incentives start today and include 0% financing for 36 months and reduced-rate financing for up to 72
Though not many noticed, Toyota employed the use of incentives to increase sales of its Prius hybrid for the first time ever in January. The incentives varied around the country and included low lease payments, cheap financing and cash back to dealers for each unit sold. Automotive News reports that in New York state, customers could order up a Prius lease for just $249 per month. In Michigan, Ohio and Kentucky, shoppers could finance the little guy for 3.9% for 36 months.
Ford announced today that it plans to acquire a financing package worth a heady $18 billion. The extra money will ensure that Ford survives the next couple of years while Alan Mulally and company attempt to turn the automaker around and bring profits back to the Blue Oval. Automotive News reports that Ford will spend $8 billion in cash by year's end, leaving it with $20 billion in the bank, so to speak. The new financing package that should be completed by December 31 will then boost Ford's liqu
Anything you can do, I can do better... so sang Bingo and so says DaimlerChrysler to Ford. In the battle for customers, Ford had extended its 0% financing deal to sub-prime candidates for the first time last month. Now Chrysler is doing the same for those
Chrysler summer-long Employee Pricing incentive ends today and is being replaced by a good old fashion Zero Percent Financing deal. The new deal applies to all 2006 models, which means Chrysler is eager to reduce the inventory of its dealers to make room for a flood of new products it plans on introducing this year, including the Chrysler Sebring and Aspen that were given prices today by the company.
Today the Chrysler Group announced that all customers would be eligible for employee pricing on qualifying 2006 and select 2005 model year Chrysler, Jeep and Dodge vehicles as of July 1st. The Employee Pricing Plus program also offers customers zero percent financing for 36 months on most models financed through Chrysler Financial. Instead of financing, customers can also choose $3,500 cash back. But that's not all, customer's will also have the option to return a vehicle under the 30-day Return
General Motors is expected to take the biggest hit in June, though last year's numbers are skewed a bit due to a certain fire sale. Gas prices are reportedly the biggest culprit, spurring consumers to buy Japanese and turning Toyota and Honda into big winners -- in fact, Toyota expects to be up 15 percent over this time last year.
The summer sales drive has begun and General Motors has made the first move. As we reported last week, GM has confirmed that beginning June 29th and lasting only for 72 hours, it will offer 0% financing on most of its vehicles for up to six years, which also happens to be 72 months.
Ford Motor Company announced Thursday that it is rolling out a zero-percent financing incentive program for its Escape and Mariner Hybrids.
