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GM Offers 0 Percent Financing on SUVs

February 26, 2003

According to Reuters, General Motors extended 0 percent financing offers on three of its mid-sized SUVs, to five-year terms from three years, in an attempt to boost sales, a spokesman said.

Reuters added that GM spokesman Jeff Roegner said GM began offering the extended interest-free loans on its Chevrolet TrailBlazer, GMC Envoy and Oldsmobile Bravada mid-sized SUVs on Feb. 15.

GM had previously offered a 1.9 percent financing rate on the SUVs for four-year loans, and 2.9 percent for five-year loans, according to Reuters.

GM's sales of its SUVs fell in January after strong results in December, and many analysts expect GM's sales to fall moderately in February. Automakers are due to report their February sales on March 3, said Reuters.

Analysts have said Detroit's sales incentives appear to be losing their punch. Last year, GM successfully used incentives to boost both its market share and profit.

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