Cheap Gas and a 72 Hour Sale
by Steve Cypher on Wednesday, July 1st, 2009July starts out with a bang as bad credit car loan shoppers can take advantage of under two dollar gas from Hyundai while well qualified buyers can qualify for zero percent financing on select GM models.
July programs
At Auto Credit Express we take note of two programs that begin today, the first of which bears a striking resemblance to a recent program from Chrysler, while the second is set to expire in only two days.
Hyundai Assurance Gas Lock
Although current gas prices are nowhere near what they were last year at this time (according to AAA, the current average price is $2.63 per gallon, while last year at this time the average price was $4.09 per gallon), there is the very real possibility that prices could top $3.00 per gallon before the summer is over.
With that in mind, Hyundai is taking a page from Chrysler’s new car incentives book by adding to its “Assurance” plan what it calls “Gas Lock.” Under this plan, anyone who buys a qualifying new Hyundai vehicle (certain models are excluded including the Genesis, Genesis Coupe, Entourage and base model Accent) between July 1st and August 31st will qualify for a year’s worth of gas (gallons allowed are based on 12,000 miles per year divided by the average mpg consumption of the model purchased) at a guaranteed $1.49 per gallon.
“Our research shows that nearly 40 percent of potential new car buyers are staying out of the market specifically due to uncertainty around future gas prices,” said John Krafcik, CEO and president of Hyundai Motor America. “With Assurance Gas Lock, we’re empowering consumers with gas price stability so they can make a confident vehicle choice. And for those buyers out there driving older gas-guzzlers that qualify for the new government CARS program, we think our fuel-efficient lineup of award-winning vehicles, combined with Assurance Gas Lock, makes Hyundai an unbeatable combination.”
Much like the Chrysler program, the new owner will register a valid credit card or Visa or MasterCard check card at the enrollment site. After receiving the card, the driver swipes it at any pump in the Voyager credit card network (said by Hyundai to cover 93% of all gas stations nationwide) and the credit/check card registered with the program will be billed $1.49 per gallon, regardless of the price at the pump.
Bad credit car loan shoppers
Bad credit car loan customers should take note that most of Hyundai’s models are eligible for the government’s CARS (Consumer Assistance to Recycle and Save) vouchers – the “Cash for Clunkers” program. In addition, there is no credit requirement for the Assurance Gas Lock program – all buyers qualify for the program (provided the vehicle qualifies).
GM Buy and Say Goodbye
GM, on the other hand, just announced a “72-Hour Sale” that runs from July 1st to July 6th. Unlike the Hyundai offer, this consists of low-rate financing of 0% for up to 72 months and only for “well-qualified” buyers on select 2009 and 2010 vehicles in dealer stock.
Among those vehicles included in the program are the Chevrolet Silverado and GMC Sierra regular, extended and crew cab light-duty pickups; Chevrolet Suburban and GMC Yukon XL SUVs; Chevrolet Impala; and the Pontiac models: Vibe, G3, G5, G6 and G8.
Concurrently, a number of other vehicles will also have reduced rate financing of 0 percent for up to 60 months, but again, these deals are only for well-qualified buyers.
It also should be noted that GM lists 74 different models in its lineup that also may qualify under the Federal CARS program.
The Bottom Line
Even though bad credit car loan buyers will not qualify for the GM program, we here at Auto Credit Express think both the Hyundai and GM offers are a really good way to start the month of July.
