GM Offers Interest Rate 'Lock In' In Anticipation Of Fed Move
Qualified Customers Can Lock In APR Rates For Up To 10 Years
In anticipation of Federal Reserve Board action to raise interest rates, General Motors announced Lock 'n' Roll, a program that allows consumers to lock in a low interest rate not only on their current vehicle purchase, but on their next purchase as well. This means that qualified consumers can get low finance rates on two consecutive vehicle purchases covering up to 10 years. Lock 'n' Roll is the latest in a series of innovative consumer programs from GM including Keep America Rolling, Auto Show in Motion and most recently the 72-Hour Sale.
"We have great confidence in our product portfolio, which offers consumers the broadest choice of quality, fuel-efficient cars and trucks in our history, and we'll continue to strengthen our lineup with many all-new vehicles over the next three years," said Mark LaNeve, GM North America vice president, Marketing and Advertising. "When you combine great selection with low finance rates, you get a great offer. Millions of Americans have refinanced their mortgages to lock in historically low interest rates. With the prospect of interest rate hikes in the future, GM's unique Lock 'n' Roll program applies the same principle by allowing consumers to lock in extremely low rates, as low as 0 percent, on the purchase of their next two vehicles."
Lock 'n' Roll, which is the first program of its type in the auto industry, runs from Nov. 10, 2004 - Nov. 30, 2004 and covers purchases of eligible new 2005 GM vehicles. The customer must qualify for GMAC financing at the time of each purchase.
Applicable interest rates on most eligible vehicles are 0.0 percent for 36 months, 2.9 percent for 48 months and 3.9 percent for 60 months. Consumers should visit their local GM dealer for more details on the program including eligibility.
A national advertising campaign including network television, print in the top 75 markets and in newsweeklies, interactive and radio begins on Nov. 10.
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