12/30/2008
To: All GM Dealers
Subject: GMAC APR RATES
Date: December 30, 2008
I wanted to update you on the recent actions that have taken place with regard to GMAC obtaining bank holding status.
We believe GMAC’s ability to extend financing will be greatly enhanced.
To that end, I am pleased to tell you that starting today, GMAC will be offering reduced rate financing as low as 0% APR for up to 60 months on select new cars and trucks. The reduced rate financing is available to qualified buyers (S, A, B and C tiers) through January 5, 2009.
In addition, we have stackable bonus cash and/or dealer cash of $500 to $4,250 on some models.
Following are examples of the supported rates being offered:
2008 model year vehicles and offers for qualified buyers:
0% APR for up to 60 months on ’08 Chevrolet TrailBlazer; GMC Envoy; and Saab 9-3, 9-5, 9-7X.
0.9% APR for up to 60 months on ’08 Buick Lucerne.
1.9% APR for up to 60 months on ’08 GMC Yukon and Yukon XL; Chevrolet Tahoe, Suburban and Avalanche; Cadillac CTS, SRX, Escalade, DTS, STS and XLR.
2.9% APR for up to 60 months on ’08 LaCrosse, HUMMER H2 and H3.
3.9% APR for up to 60 months on ’08 Chevrolet Equinox, Colorado Ext and Crew cab and Light Duty Silverado; Pontiac Torrent; GMC Canyon Ext and Crew cab and Light Duty Sierra.
4.9% APR for up to 60 months on ’08 Saturn Astra and Sky; Pontiac Solstice; Chevrolet Corvette and Heavy Duty Silverado; and Heavy Duty GMC Sierra.
2009 model year vehicles and offers for qualified buyers:
3.9% APR for up to 60 months on ’09 Chevrolet Cobalt; Pontiac G5; and Cadillac CTS.
4.9% APR for up to 60 months on ’09 Pontiac G6; Chevrolet Malibu (excluding hybrid), Light Duty Silverado and HHR; Saturn Aura (excluding hybrid); and Light Duty GMC Sierra.
5.9% APR for up to 60 months on ’09 Chevrolet Avalanche and Heavy Duty Silverado; and Heavy Duty GMC Sierra.
Please refer to the official incentive message for all of the details.
I am counting on all dealers to integrate this into their year-end plans. With GM’s Red Tag Event now underway that offers supplier pricing and either cash back offers, or now these just announced GMAC low rate financing offers, customers have a variety of great alternatives available to help get them into a great GM vehicle using one of these terrific deals.
Let’s use this great news to make a strong close to the year.
Sincerely,
Mark R. LaNeve
GM North American Vice-President Sales, Service and Marketing
Wow, it looks like they’re really trying to get rid of the Trailblazer and all its clones. I wonder what the current supply is for those things, maybe 900 days?
I know I for one won’t be running out to buy a GM product. Ever.
“stackable bonus cash”. Nothing desperate sounding about that………
Jan 09 numbers are going to be REALLY interesting.
What’s left in the armory if this doesn’t work?
What’s with the hybrid exclusions? Does that mean GM loose money on those?
Gently used 2007 and 2008 models are so amazingly cheap right now…it would be very difficult to buy new, regardless of the incentives.
+1 for Matthew.
I don’t understand how anyone would consider a new GM product when those with < 20k miles are so cheap.
Yet again fueling the vicious cycle of heavy discounting and rapid depreciation.
Their current pricing strategy reminds me of the Furniture Store that has it triannual “Extreme Emergency Liquidation Going out of Business Sale”
Why don’t they just cut their prices to reflect market reality?
RedStapler,
Great analogy! I love the “Going Out of Business!” sale that rages on month after month while they are moving new inventory through the back door of the warehouse as fast as it gets sold out the front door.
Tex
GM’s LaNeve (aka the Uncle Fester clone) has long used the Taco Bell approach to marketing. Take the same ingredients, scoop it into different looking piles, and promote it as a “limited time only special.” You can fool some of the people some of the time…
The 08’s are 1.9 and the 09’s are 3.9. My bad.
They still have 08’s CTS’s on the lot? WTF it is Dec 31! The 09’s have been out for months… and this is/was our “big seller”… Car of the year? Car of about two years..
This list is designed to only confuse customers and create more disappointment in the showroom.
I expect the rocket-scientists at GM PR to call this the GM Yard Sale.
There is a Hyundai dealership in my town that is having a Going Out 4 Business Sale. “Everything must be liquidated by 5 pm December 31st” it says. The commercial makes it sound like they are going out of business, and when it says “Going out 4 business,” the 4 is very small font.
However, at the end of the commercial it says at the bottom of the screen:
Not Going Out of Business
Really stupid ad.
The usual “bait and switch” marketing. No wonder no one trusts GM. 0% on SAABs??? 08s? Who cares? Keep em GM. Adore them forever in your storage lots.
There’s always the empty lots at Detroit Metro Airport that Chrysler used to lease for the cars they couldn’t sell.
RedStapler- because yelling Sale! Sale! Sale! moves more product then just lowering the price.
Let’s hope that the General leads the domestic auto industry to leadership again in 2009! Love you all! Happy New Year!
“They still have 08’s CTS’s on the lot?”
I can ASSURE you there are no 2008 CTS on the lots. They were gone months ago. Why they were included in the release is most likely to sell any lingering dealer demos if there are any. Same goes for 2008 Envoy/Trailblazer. None of those around either.
I can ASSURE you there are no 2008 CTS on the lots.
There’s 3 right there.