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GM extends 0%, with limits

General Motors has excluded several vehicles from its "Keep America Rolling" 0 percent financing program, while extending the deal until Jan. 2.

The automaker also has hiked interest rates on longer term loans. The new program goes into effect Nov. 19.

The extended program excludes all Cadillacs, Chevrolet Corvette, the new Saturn VUE compact sport-utility and the Saturn L100 Special Edition.

GM officials have said that, while the program had helped keep auto sales strong in the wake of the Sept. 11 terrorist attacks, it applied to several popular vehicles that would have sold well without incentives.

On Nov. 19, GM will offer 0 percent financing on 36-month loans for all passenger cars, the Pontiac Aztek, Buick Rendezvous and midsize vans. For those vehicles, 48-month loans will be at 1.9 percent and 60-month loans will be at 3.9 percent.

Thirty-six month 0 percent loans also are available for pickups, sport-utilities, fullsize vans and medium-duty trucks. But longer loans for those vehicles come at higher interest rates: 3.9 percent for 48-month loans and 5.9 percent for 60-month loans.

The loan rates apply to GMAC loans to customers with good credit ratings.

The original program had broader use of 0 percent financing and lower interest rates on longer term loans on 2002 models. The new rates apply to 2001 and 2002 models.

GM officials have said about 25 to 30 percent of retail buyers are using 0 percent financing, with others preferring longer term loans or other incentives.

You can reach Dave Guilford at dguilford@crain.com

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