In the wake of Toyota being forced to recall more than five million vehicles due to a problem with the accelerator pedals sticking to the floor — and having to cease new car sales of several of their most popular models — Ford and GM are moving quickly to entice Toyota owners to switch to one of their vehicles. The Detroit Free Press reports.
The GM incentive program, which will run through the end of February, includes:
• 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 zero percent interest rates for 60 months on most GM vehicles.
• Cash buyers can get $1,000 down-payment assistance to get into a GM vehicle.
At this point, Ford is only offering $1,000 to Toyota owners to switch to one of their vehicles.
This could be a real opportunity for Ford and GM to take back some market share from Toyota, especially since the vehicles not being sold at the moment include popular vehicles like the Corolla and the Highlander.