GM Follows Toyota's Move to 0% Financing
General Motors Co. is offering a 0-percent/60-month financing program on most of its 2010 model vehicles, Automotive News reported.
The move mirrors a 0 percent marketing plan just announced by Toyota Motor Sales U.S.A. Inc. Both automakers are under heat to rebuild sales -- GM following its bankruptcy, Toyota after the largest U.S. product recall in its history.
Susan Docherty, GM vice president for U.S. marketing, said the company was not chasing Toyota.
“That was our plan prior to hearing about what Toyota was going to do. We locked this in about a week ago,” she said on GM's monthly sales call with reporters and analysts today.
GM reported a 12 percent U.S. sales gain for February in a market that rose 13 percent.
Docherty said the program will cover about 55 percent of all GM models.
“Obviously, with our hot launch products, we don't need to put 0 percent financing for 60 months on that,” she said. “That 0-for-60 will be primarily on products like our pickups.
“That's completely in line with what our marketing strategy is. We're going headstrong into truck month for both Chevrolet and GMC, which is a traditional play that we have normally done during March.”
The plan also includes 0 percent/72-month financing for remaining 2009 model inventory, Docherty said. That offer covers about 97 percent of GM's 2009 models.
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