Ford Motor Co. on Sept. 20 matched General Motors Corp.'s new financing incentives point

for point. GM announced its Keep America Rolling program after auto industry leaders met with Labor Secretary Elaine Chao, Commerce Secretary Don Evans and national union leaders Sept. 19 in Detroit to show unity in the wake of

the Sept. 11 terrorist attacks on New York and Washington.

Ford has joined the fray with its Ford Drives America incentives. Both automakers now offer

same-as-cash financing to qualified buyers on all remaining 2001 cars for terms of three to five years, zero percent interest on almost all 2002 models for three-year loans and discounted financing of 4.9 percent or less for other vehicles.

The average new vehicle loan has a finance rate of about 6 percent, with a $20,000 principal and a length of just under five years, according to industry trade groups. A zero-interest loan with those terms would save the buyer $53 per month in interest, or about $2,854 for the life of the loan.

Ford was already offering $2,700 in cash rebates and incentives on every vehicle as of August, according to industry analysts, while GM was offering about $400 less than Ford. Both have been forced to boost incentives throughout the year as sales slowed and competition from foreign automakers increased.

A spokesman for the DaimlerChrysler AG Chrysler Group said the company has no plans to match the incentives.