Within hours of GMAC receiving $6 billion in government loan monies, General Motors announced zero percent financing through Monday, January 5 on 2008 and 2009 Chevrolet TrailBlazers, GMC Envoys, and Saab 9-7X, 9-3, and 9-5s.
In a conference call with reporters, Mark LaNeve, vice president of sales, service, and marketing for GM in North America said the incentives might be expanded on January 6 and said the credit crunch and the need to extend credit to consumers with scores of 700 or higher had impaired the ability of dealers to close sales.
"We've been trying to hold onto market share with one arm tied behind our back," said LaNeve. Dealers will not be able to offer loans via GMAC to consumers with credit scores in the 620 range. "Six hundred twenty is not a subprime score," he said. "That's a very creditworthy buyer. Hopefully, we'll have access to more of the market that is out there."
GM dealers are responding positively to the chance to write more car loans in the hope of stimulating flagging sales. "Any tool they can get to make credit available and put deals together is a good thing," said LaNeve. "Anytime you can make credit available to a wider spread of buyers, that's a good thing."
0 comments
Post a Comment