First there was zero percent financing on new cars. Now consumers are being offered low-interest financing and cheap prices on used cars. Because so many consumers have bought new cars at zero interest, dealers across the nation have an excess of traded-in cars, according to The Cleveland Plain Dealer.

"It means great deals for consumers," said Gary Adams, president of the Greater Cleveland Automobile Dealers Association.

In some cases, the manufacturers are subsidizing the used-car interest rate. In others, dealers are hooking consumers up with banks for below-market interest rates. As a result, many dealers are offering 4.9 percent to 6 percent, compared with rates elsewhere of 7 percent to 9 percent, according to industry sources.

The incentive financing is fueled by two additional factors: the cheap cost of money and the recent car sell-off by rental car companies whose business has slowed. "There are three or four things aligned right now, which has never happened in my 20 years in the business," Adams said.