General Motors' promotion began Wednesday. It will pay Toyota vehicle owners a cash allowance of up to $1,000, or offer free financing if they switch to a GM car or truck. The promotion will run through February.
GM is perhaps seeing this as a great opportunity to retake market share. To be clear, the vehicle does not have to be on the list of Toyota recall models affected by any of the unintended acceleration issues that Toyota noted. Instead, any Toyota owner is eligible.
Furthermore, GM, not wanting to look like vultures, is not going to advertise the deal on a national level. However, individual dealers and dealers groups may do so.
Here are the incentives noted:
- Toyota lease holders can get up to $1,000 in lease payments to terminate their Toyota lease and buy or lease a GM vehicle. It applies to Chevrolet, Cadillac, Buick and GMC vehicles.
- Financing buyers can get 0% interest rates for 60 months on most GM vehicles.
- Cash buyers can get $1,000 down-payment assistance to get into a GM vehicle.
Finally, the timing is both fortunate and unfortunate for GM. While obviously playing off of Toyota's woes, GM announced a recall of its own Vibe model. Of course, in reality, this is because the Vibe is essentially the same model as a Toyota Matrix, which means it's just one of the Toyota recall models affected, but consumers may not realize that.
Written by Michael Santo