P.M. BRIEFING : Ford Announces Buyers’ Incentive Program: Interest Rate of 2.9%

Ford Motor Co. today announced a new buyers’ incentive program with interest rates as low as 2.9%, 2 percentage points lower than the program it replaces.

The last time auto makers’ financing companies offered interest rates as low as 2.9% was in mid-1987.

Robert L. Rewey, Ford’s vice president for North American sales, said the nation’s No. 2 auto maker made the move because car and truck sales during the first 80 days of the year fell below projections.

Ford’s new incentive program, which will expire May 31, offers consumers the option of cash rebates, ranging from $300 to $4,000 or financing as low as 2.9% for a two-year loan, depending on model.

The deals are being offered on various cars carrying Ford, Lincoln and Mercury nameplates and on some Ford trucks.

General Motors Corp. and Chrysler Corp. also offer rebates or low-interest-rate incentives on a variety of their cars and trucks. Some of the GM offers expire as early as Monday. Chrysler’s incentives run indefinitely.

There was no immediate move by GM or Chrysler to match Ford’s new incentive package.