Yesterday, we beat everyone to the punch and let you know about what GM was planning for its promotional programs:
AUTO SPIES EXCLUSIVE: Confidential new GM financing program offers
6/26/2006 OFFICIAL BELL & ROSS TIMESTAMP: 7:32:42 PM EDT
Dear 001,
I work at a large GM dealer and this just came across my desk.
I love your site because you guys tell it like it is...and I wanted you guys to have it first.
So here's the scoop...
GM announced today 0% financing for 60 months on all 2006 Cadillacs - June 27th - July 5th -
GMC & Buick: 0% up to 72 months - 2006 models
And then 0% 36 month financing on GMC's for 2007 depending upon when the vehicle was invoiced...
In today's Detroit Free Press this was the story that was reported:
Reflecting the impact that high gasoline prices are having on sales of large trucks and SUVs, GM will also offer interest-free loans for up to 3 years on its new 2007 Chevrolet Tahoe, Chevrolet Suburban, Chevrolet Avalanche and GMC Yukon XL. Low rates will also be offered on those for longer terms.
A day after announcing that 35,000 workers had accepted GM's job-cutting offer, the automaker has scheduled a news conference for 9:30 a.m. today to provide an update on its efforts to reverse sales declines.
GM's new incentives include interest-free loans for 6 years on most 2006 Chevrolet, GMC, Saturn, Pontiac and Buick models, said GM spokesman John McDonald. Terms on most Cadillac, Hummer and Saab models will be for up to 5 years, he said.
As first reported in the Free Press last week, GM's 72-Hour Sale will begin June 29 and run until July 5.
Now here's the insider scoop you can only read here at AutoSpies.com:
Dear 001,
Everyone is reporting the news today about GM that you guys scooped everyone on yesterday, but here is what they're not reporting...
The 0% deals are aggressive but one of the problems is that most people in their sales demographic don't have the best credit ratings.
Dealer insider's told me that GM contacted them over the last few days and said that they are going to virtually throw out the normal credit check rules and will be buying A, B, C, D, & E tier credit!
This means virtually ANYONE who walks in the door that is breathing, is GOING to get approved between now and July 5th.
This is an aggressive and RISKY strategy.
It's great to deliver cars but you need to get PAID for the cars.
I say look for an increase in GM vehicle repossession about ninety days from today...