7-Year No-Interest Loans: What It Takes To Sell Cars In A Pandemic

Unemployment is mounting. The economy keeps falling deeper into a recession — or worse. The coronavirus continues to spread. But car sales, surprisingly, are climbing.
Auto sales tanked in March — to 80% below their expected levels. And they remain well below normal. But while much of the economy continues its free fall, car sales have been on the rise for six straight weeks, according to data from J.D. Power.
The steady improvement is fueled, in part, by big incentives for customers who can afford to buy. Dealers are promoting 0% loans for as long as seven years.
That's remarkable, says Jessica Caldwell, the head of industry analysis at Edmunds.
"To be honest, I've never really seen incentives like these," she says.