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GM Rolling Out $2,002 Rebate to Replace Zero Percent Interest Financing

January 3, 2002

General Motors Corp. is expected Jan. 3 to replace its zero percent finance deals with an

offer to customers of $2,002 toward the purchase of a new vehicle, according to a Detroit News story by Mark Truby and Susan Carney.

Television advertisements that aired in Chicago on Tuesday -- two days earlier than they were supposed to, according to GM -- revealed the

company's plans.

The commercials touted rebates on cars and trucks that customers "actually want to buy," using an oft-repeated phrase from GM's new product manager Bob Lutz.

GM spokesman Brian Akre declined to comment Jan. 2 but said to expect an announcement on the morning of Jan. 3. The Wall Street Journal also quoted people familiar with GM's plans as saying GM would announce the $2,002 rebates on Jan. 3.

The new incentive program is expected to cost the automaker less than the zero percent interest loans it offered to counter fears that business would lag after the Sept. 11 terrorist attacks on the United States.

Ford Motor Co. and DaimlerChrysler AG followed suit on the zero percent financing program because of its popularity with consumers. Their financing offers are slated to expire in the next two weeks.

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