Thursday, August 31, 2006

Auto Makers Boosting Sales With 0% Financing

The Return of 0% Financing
Auto Makers Pile On DealsTo Clear Swollen Inventories;Some Hot Models Excluded

By JENNIFER SARANOW and GINA CHONAugust 31, 2006; Page D1, Wall Street Journal

Eager to lure buyers into showrooms this fall, car makers are laying on a host of deal sweeteners on top of 0% financing. Many of the incentives from auto makers including DaimlerChrysler AG's Chrysler Group, Volkswagen AG and Toyota Motor Corp. involve better financing deals to offset higher interest rates. Along with 0% financing offers, other new perks include: low rates for up to six years, additional cash bonuses on top of low rates and extending the deals to people with subpar credit.
Car companies first turned to 0% deals after the Sept. 11, 2001, terrorist attacks, when General Motors Corp. launched its "Keep America Rolling" campaign and most other auto makers followed suit. But as the promotion's appeal faded and interest rates headed higher, many auto makers looked for other incentives like lease deals and employee pricing. By last year this time, super-low financing deals were sparse, says Art Spinella, president of market researcher CNW Marketing Research Inc...read more HERE

8/31/2006 06:52:00 AM

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