Help is coming to the millions of Toyota and Lexus vehicle owners affected by the latest recall in the form of General Motors Co.'s monthlong incentives. GM spokesman Tom Henderson said that GM dealers and employees have received numerous calls and e-mails from Toyota owners asking for help.
GM is offering Toyota and Lexus owners the following three options: 1. Those who choose to lease a vehicle may waive three payments for up to a total of $1,000. 2. Qualifying customers who are financing a vehicle purchase can receive 0 percent financing for up to 60 months. 3. Cash buyers can receive $1,000 off their purchase.
The incentive, which applies to purchases of GMC, Buick, Cadillac and Chevrolet vehicles, runs through the end of February. GM is making this offer partly because it wants to compensate for the loss of the value of the Toyota trade-ins as a result of the recall. Consumers are now overly concerned about the value of the used car.
Toyota's latest recall, which affects 2.3 million units, came about due to complaints on accelerator pedals that become stuck. Included in the recall are 2009-10 Pontiac Vibes, the sibling crossover of the Toyota Matrix.
A former joint venture between GM and Toyota, New United Motor Manufacturing Inc., manufactures these two vehicles in California. Very recently, Toyota announced that sales of the vehicles with the affected pedals have been suspended.
GM spokesman Alan Adler said that these include the 1,300 Pontiac Vibes left in North America. Adler added that only six Vibes are left in the US while the rest are in Canada. Four of the U.S. Vibes are technically sold but still may be on dealers lots.