GM Offers 0% Financing & $1,000 Rebate to Toyota Owners

General Motors is trying to lure worried Toyota owners to buy its vehicles by offering them 0% auto loans and $1,000 rebates.

The new incentive, which started Wednesday, runs through the end of February. The 0% car loans are for 60 months on most 2009 and 2010 GM vehicles. The $1,000 rebate can be used by Toyota lessees to help get them out of their Toyota lease. Toyota owners who choose to pay cash will also receive $1,000 to use toward their down payment.

GM's new incentive is directed only to Toyota owners to try and get them to trade-in their Toyota for a GM vehicle. 

Important to note is that the Toyota vehicle being traded-in does not have to be on the recall list. The incentives are good for any Toyota owner.

"We decided to make this offer after receiving many e-mails and calls from our dealers, who have been approached by Toyota customers asking for help," GM said in a statement.

The incentive was announced just one day after Toyota temporarily stopped selling eight of its models involved in a massive recall for accelerator pedals that can get stuck and cause unintended acceleration. In a separate recall, Toyota recalled vehicles for a floor mat problem, where the mats can get lodged under the accelerator pedal.