Hoping for rebound, GM offers big deals

JOHNSTON, R.I. (WPRI) - In hopes of rebounding in 2009, one of the big three automakers is offering deep discounts.

General Motors is hoping to jump-start business after receiving a federal bailout, trying anything from big deals to zero percent financing.

At Hurt Auto Mall in Johnston, people are taking advantage of the unprecedented prices. Ilene Adams just bought a Hummer. She said she got $7,500 off the sticker price.

"I paid less for this than my '99 car, when I bought it in '99," Adams said.

"I think GM stepped forward with some huge incentives," said Chris Hurd, owner of Hurd Auto Mall. "Rebates, zero percent financing, anything they can do to keep the economy going, keep the dealers going."

In addition to zero percent financing, GM has lowered their minimum credit score from 700 to 621, and have reduce sticker prices.

In October, GM said its sales plunged 45 percent when they cut back on auto loans, due to the credit crunch. That move cost the company as many at 60,000 sales. However, after the $5 billion bailout from the feds, GM said it is trying to resume normal operations once again.