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GM Ends Used Car Incentive Program Early Due to Lack of Available Credit

By Liz Opsitnik
Friday, Oct 31 2008 14:15

GM told its dealers on Oct. 17 that is was ending its used car incentive program early, citing a lack of available credit.

The incentive program, which started Oct. 1 and was scheduled to end Jan. 5, will now stop Nov. 3. GM was offering 3.9 percent financing through GMAC for 60 months on used Chevy Impala and Silverado, Pontiac G6 and GMC Sierra vehicles.
"I think what everybody has recognized is that the market is changing very quickly and we're looking at availability of credit and it's just very tight to finance these kinds of programs," GM spokesman John McDonald said.
GM says it will replace the incentive program with a new one Nov. 4, but did not give any details about the new program, reports the Detroit News.

Confused or unsure about some of the car loan terms used in the article? Click here for our Auto Loan Glossary.



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