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

By Liz Opsitnik
Thursday, Jan 28 2010 10:22

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.

Toyota Camry

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.


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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