U.S. automakers are jostling one another like the last four cars in a demolition derby. The bumping and grinding began Aug. 15, when General Motors offered customers the rockbottom financing rate of 7.7%. The dramatic GM ploy surprised Ford, Chrysler and American Motors, which last week slashed their financing rates. Ford matched GM's 7.7%, and Chrysler and AMC went even lower, to 7.5%. Compared with conventional car loans, which carry rates as high as 13%, the automakers' deals strike customers as a steal. At Village Ford in Dearborn, Mich., showroom traffic increased 50% last week. "When they come in the door,...
To continue reading:
or
Log-In
