General Motors is planning what it hopes will be a clearance sale next week on 2004 models. The automaker is offering zero-percent financing for 72 months to help unload a backlog of inventory.
Industry officials say the blitz could hurt sales in the coming months and beyond. GM says the company had no comment on such a promotion. But dealers say they were notified in recent days of the program, which runs September 28-30. It applies to brands such as Chevrolet, Pontiac, Buick and GMC.
Other brands, including Chrysler and Isuzu, have offered no-interest loans for 72 months. Analysts say GM is clearly anxious about the above-average number of 2004 models sitting on the lots.