Car firm dangles cheap loan
NZPA-Reuter Chicago General Motors, the world’s biggest car-maker, saddled with one million cars and trucks it cannot sell, has offered to lend American shoppers the money to buy G.M. cars at only 2.9 per cent Interest. The cheap offer, Ipng a way for Detroit’s carmakers to spur sales, is the lowest offered. An American buyer financing a vehicle through a bank would have to pay about 10 per cent interest on the loan. G.M. hopes the bargain rates, a huge drop from the 6.9 per cent that had been the lowest rate offered, will help it move the one million cars and trucks on dealers’ lots throughout the country. James Vorhes, vicepresident for G.M. Customer Sales and Service Staff, said the company would delay introducing 1987 models by two weeks while it tried to clear the lots of the 1986 models.
G.M. has had increasing problems in selling its cars. But Ford has had a boom year. In sales from August 11-20, G.M. sales were 10 per cent below last year’s. Ford’s sales jumped 20 per cent.
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Press, 30 August 1986, Page 11
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182Car firm dangles cheap loan Press, 30 August 1986, Page 11
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