Sounds like desperation. Michael Perelman
^^^^^^ CB: Like "Poor little monopoly corp" ... What is GM's calculation here ? That people will bet on the prediction that interest rates are going to be higher a few years from now ? Is this like a commodity future's market ? Wednesday, November 10, 2004 GM to lock in loan rates for 10 years Buy a new car this month and get the same rate on a second one down the road. By Ed Garsten / The Detroit News Deal at a glance Eligible buyers must purchase a new 2005 GM car or truck, financed through GMAC, between Nov. 10 and 30. The finance rate used to purchase the first vehicle -- zero percent on 36 month loans, 2.9 percent for 48 months or 3.9 percent for 60 months -- will apply to a second purchase. Consumers can reduce but not increase the term of the second loan. For example, a consumer who takes out a 60-month loan at 3.9 percent could take out another loan at 3.9 percent, or a 36 or 48-month loan at 3.9 percent. The second purchase must be made before the expiration of the financing term on the first purchase. The first and second vehicles purchased do not have to be the same model. General Motors Corp. hoping to revive sales and assure consumers concerned about rising interest rates, is offering new car and truck shoppers a rare opportunity to lock in today's low finance rates on car and truck purchases over the next decade.
