Honda, Toyota Sweeten Deals With Low Finance Rates
Japan's automakers are sweetening deals on America's top-selling passenger cars, according to a Wall Street Journal report by Sholnn Freeman. Toyota Motor Corp. on May 21 began offering finance rates as low as 3.9
percent on the 2002 Camry midsize sedan, following a move by Honda Motor Co. to cut finance rates on the Accord, in addition to offering other discounts.
The Camry incentive marks the first time Toyota, the No. 4 U.S. automaker, has discounted the car since a major redesign last year.
The moves by archrivals Honda and Toyota come amid some signs that interest in cars is reviving after several years in which U.S. consumers and automakers focused on the growth of sport utility vehicles.
General Motors Corp. said in May that it will increase production of its large Chevrolet Impala by 40 percent, adding 1,000 jobs in Canada. Nissan Motor Co. has scored a hit with
its new Altima midsize sedan, which was redesigned last year. Sales of the new Altima this year are up 33.2 percent through the end of April, without any manufacturer's discounts, compared with sales of the previous model last
year.
Although fresh designs, such as the Altima's, are helping to attract shoppers to passenger cars, aggressive discounting is a big factor. Until now, the big deals came mainly from Detroit's Big Three brands. Now, Toyota
and Honda are getting into the game, in part to maintain production at their big U.S. factories, according to the Journal.
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