William Lovejoy, GM group vice president for sales, service and marketing, said the program "is clearly achieving its objectives to stimulate vehicle sales." Announced Sept. 20, the program spurred similar programs by competitors including Ford Motor Co. and Chrysler group.
Though it stimulated showroom traffic and sales after the Sept. 11 terrorist attacks, the plan was criticized as likely to lead to a sales slump when it ended. A GM spokesman said the company will follow it with a year-end incentive program.
Financing terms of GM's plan remain unchanged. It offers zero-percent financing on all 36-month loans, with rates ranging up to 4.9 percent for longer term loans. It applies to 2001 and 2002 model Chevrolet, Pontiac, Oldsmobile, Buick, Cadillac, GMC and Saturn cars and light- and medium-duty trucks.