The Chrysler Group has relaxed its zero-percent financing program to nab consumers with less-than-stellar credit.
The Auburn Hills-based company is following Ford Motor Co., which bucked industry practice by offering no-interest deals to customers with imperfect credit scores.
Chrysler started offering zero-percent financing for up to 72 months on Sept 1. It began relaxing its credit standards this past weekend. The promotion runs through Oct. 2.
“There was some concern that not enough people would qualify for zero-percent for 72 months, and that only top-shelf people would qualify,” said Kevin McCormick, a Chrysler spokesman.
“We are definitely trying to broaden the pool to give the program the best chance to be successful.”
Chrysler is trying to increase showroom traffic after months of weak sales. For the year, combined sales of Chrysler, Dodge and Jeep are down 9.7 percent.
New-car buyers who do not have top-notch credit scores are now eligible for zero-percent financing for up to six years on the 2006 Jeep Commander and Grand Cherokee, the Dodge Durango SUVs and Chrysler's family of minivans.
In addition, Chrysler is offering 1.9-percent financing for 60 months and 3.9-percent financing for 72 months on light-and heavy-duty Dodge Ram pickups.
“We wanted to make sure that the program was appealing,” McCormick said. “Dealers are obviously receptive to that because it allows a larger number of customers to qualify.”
At Hollywood Chrysler Jeep, the program change has already reaped buyers who would not have qualified last week.
“How could it not work?” asked John Berry, a sales manager at the Hollywood, Fla., dealership. “Just today we had a customer that we would have missed if the new rules weren't in place.”
