GM To Forgo Lease Payments
General Motors said May 19 that, in an attempt to boost sales, it would waive up to six months of lease payments on most GM models if the owners buy or lease a new vehicle, according to Reuters.
GM will nullify lease payments on contracts that expire between July 1 and January 2, 2004, if the owners buy or lease any new GM vehicle except a Saab, Hummer or medium-duty truck, GM spokeswoman Elaine Redd told the news agency.
Reuters noted that, last week, John Smith, GM's head of North American vehicle sales, service and marketing, warned that May US vehicle sales so far appear to be a bit weaker than April's levels which alarmed Wall Street analysts expecting stronger results this month.
Reuters said that GM added other incentives last week, offering six-year loans at a rate of 1.9 percent on most passenger vehicles except Cadillacs, Hummers and Chevrolet Corvette sports cars.
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