General Motors began offering 84-month financing at zero percent interest following the outbreak of COVID-19 in the United States earlier this year. The automaker had sought to boost its sales numbers amid the pandemic with the attractive offering after car dealerships were forced to close nationwide, but it has now put an end to the deal.
As of June 2nd, GM is no longer offering 84-month, zero percent financing to well-qualified buyers on select Chevrolet, GMC and Buick models. Instead, the automaker has decided to put 72-month, 0 percent financing in place on certain models from those brands. The revised offer should prove to be relatively attractive to buyers who may still be apprehensive about making a major purchase amid a global pandemic, but it isn’t as generous of an offer as the 84-month financing deal.
General Motors had also allowed certain customers to defer payments for up to 120 days if they are in the top credit tier in the wake of the COVID-19 pandemic. This deal will remain in place for the month of June, but it cannot be combined with the special finance interest rates. That means customers will have to choose between deferred payments with regular interest rates, or zero-percent financing over 72 months.
Back in April, General Motors announced that it would expand its existing First Responder Discount program to include frontline healthcare workers. This will remain in place until June 30th, enabling eligible buyers to receive the same price as the dealership invoice on certain vehicles, allowing them to purchase a GM car, truck, crossover or SUV at cost.
GM spokesman Jim Cain said previously that these deals are intended to demonstrate for customers “that (GM is) there for them.”
“The financing offers are a way to reinvigorate people,” Cain also added.
General Motors is currently trying to build up a backlog of vehicle inventory after it was forced to idle its U.S. production plants amid the COVID-19 pandemic. It has placed a particular focus on producing its profit-heavy line of full-size pickup trucks, which include the Chevrolet Silverado and GMC Sierra, and is also putting emphasis on starting production of its new line of full-size SUVs.