DETROIT -- General Motors is offering six-year, 1.9 percent loans to boost U.S. sales. The new incentives come on top of GM's 0 percent financing offer on five-year loans on most cars and trucks announced this month.
Up to now, GM had only offered six-year loans on a few models, such as the Chevrolet Cavalier and Pontiac Sunfire small cars and the Chevrolet S-10 and GMC Sonoma pickups. Cadillacs, Hummers and the Chevrolet Corvette are excluded.
The move came after GM's top sales executive says industry sales were running low in early May. John Smith, group vice president for vehicle sales, service and marketing, says U.S. light-vehicle sales were at a seasonally adjusted annual rate of near 16 million, down from 16.4 million in April.
GM already this month has sent two discount coupons to its 350,000 employees, who can give the coupons to anyone.