DETROIT -- General Motors continued its pursuit of market share with a 0 percent financing program announced Tuesday, July 2. Ford Division, Lincoln, Mercury and the Chrysler group followed suit.
"We are not looking at an environment where we are going to give up share," said Paul Ballew, GM executive director of market analysis.
Ballew's comments follow other GM leaders' emphasis on gaining share. Bill Lovejoy, group vice president for vehicle sales, service and marketing, told dealers earlier this year that GM would increase its share.
In its "Summerdrive" incentives program, GM initiated a round of 0 percent financing or cash incentives up to $4,000 on 2002 models through Sept. 3.
Ford Division, meanwhile, matched GM's financing with its program called "We Will Rock You." Zero percent loans up to 60 months are available on five nameplates: the Crown Victoria, Econoline, Windstar, Taurus and Ranger. Ten other nameplates offer 0 percent for 36 months.
Lincoln Mercury put 0 percent on five Mercury and two Lincoln nameplates. The Lincoln LS carries a $3,000 rebate and 0 percent financing for 60 months.
It took Ford Division and LM two tries to get it right. They first announced programs in which few models qualified for 0 percent loans. After GM spread 0 percent across its lineup, Ford and LM went back to the drawing board.
GM also is far ahead in the dollar derby. Three Cadillac lines bring rebates of $4,000, and 29 other GM lines are at $3,000. The Chrysler group has four $3,000 payouts; Ford Division has three.
The Chrysler group put 0 percent loans up to 60 months through Sept. 3 on seven nameplates, including the Jeep Grand Cherokee and Dodge Durango. Chrysler is offering 0 percent 36-month financing on most other models. A $2,500 minivan rebate continues to Monday, July 8.