The September 11th attack
Chrysler offers interest-free loans
Advertiser Staff and News Services
The Chrysler unit of DaimlerChrysler AG will offer interest-free loans on some cars and trucks, following similar offers from larger rivals General Motors Corp. and Ford Motor Co. to revive demand.
Chrysler is offering the no-interest loans on most 2002 cars for 36 months and 2.9 percent financing on 60-month loans. For 2002 trucks and minivans, financing is interest-free on loans as long as 36 months and 4.9 percent up to 60 months. The offer runs through Oct. 31 and excludes the Chrysler PT Cruiser and Prowler, Dodge Viper and Ram pickup, Jeep Liberty and e-model minivans.
Automakers are looking for ways to increase sales after the Sept. 11 terrorist attacks lowered U.S. demand.
Consumer reluctance to buy new vehicles after the attacks will reduce sales by 400,000 cars and trucks to 16.24 million this year and to about 15.7 million in 2002, according to sales forecaster DRI-WEFA.
In Hawai'i, Dave Rolf, a spokesman for the Hawai'i Automobile Dealers' Association, said new-car sales generally have been steady across the state since the attack. And while shoppers browsing through dealer showrooms mostly disappeared in the days immediately after the attacks, their number regained strength by the weekend, local dealers reported.
"We are seeing slightly fewer people in the showroom, but those we are seeing are looking to buy so we have not experienced any drop-off in new car sales yet," Mike McKenna, owner of several auto dealerships on O'ahu and the Neighbor Islands, said late last week.
Dave Chun, president and general manager for Honolulu Ford, said sales so far this year have compared favorably with new-car sales at this time last year. But he said it was still too soon to tell what effect the Sept. 11 attacks may have on his business.
Still, most dealers contacted by The Advertiser reported no noticeable decline in car sales since the attacks.
Across the nation, customers are slowly showing up again at showrooms, according to sales figures gathered from 5,000 dealerships by marketing firm J.D. Power and Associates of Agoura Hills, Calif. Sales on Monday were down about 14 percent compared to the last three Mondays in August and Sept. 10, after being off as much as 29 percent the previous week.
