Just hours after GMAC announced that it would be resuming lending to buyers with lower credit scores, General Motors has revealed a new incentives plan to boost slow sales. Until January 5th, GM will be offering 0 percent financing and cash incentives on select GM models.
Under the new program, GM will be offering 0 percent financing on the Chevrolet TrailBlazer, GMC Envoy and Saab 9-7X. All three SUVs have been discontinued. GM will also extend the 0 percent financing deal to the Saab 9-3 and 9-5 models.
In addition to 0 percent financing, GM will also be offering cash incentives on other select 2008 and 2009 GM models.
The new sales event follows quickly on the heels of the news that GMAC would be lowering its lending criteria from a 700 credit score to those with a 621 credit score or better. “Six hundred twenty is not a subprime score,” GM’s sales and marketing chief Mark LaNeve told Automotive News. “That’s a very creditworthy buyer. Hopefully, we’ll have access to more of the market that is out there.”
GM’s sales saw a marked drop-off in sales in the final months of 2008, largely due to an extremely tight credit market. It remains to be seen if the new incentives will be enough for consumers to forget about the down economy, but it is definitely a step in the right direction.
