US automaking giant Ford Motor Company is lowering its consumer credit rating standards and offering six year zero interest loans as it attempts to shift older models from dealer lots.
The company, which saw itself slip to number three behind Toyota in the US motor sales league in July, is also cutting 21% of its domestic production as demand for pickup truck and SUV slides on the back of high gasoline prices.
The loans promotion on the Ford, Lincoln and Mercury brands will run through September 5.
Comments Houston, Texas car dealer Sam Treynor: "From the point of view of moving product, this is about the best proven way to get people on the lot and get them to buy."
General Motors and Chrysler Group, that make up Detroit's Big Three with Ford, are running their own summer promotions - a mix of 0% loans and discount prices.
Data sourced from Wall Street Journal Online; additional content by WARC staff