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GM to extend "0,0,0" incentive to Jan. 2

DETROIT, Oct 30 (Reuters) - General Motors Corp. , faced with sluggish automobile sales, said Wednesday it would extend through Jan. 2 its "triple zero" incentive program on most of its vehicles.

The world's largest automaker offered no down payments, no payments for three months and no-interest loans in October in response to signs of slowing U.S. car sales, and said the program would expire Oct. 31. Since then, industry executives and analysts have said October sales continued to appear slow, and could fall to their lowest rate so far this year.

But unlike past moves on incentives by GM, other major automakers did not rush to match the triple-zero deals.

Ford Motor Co. , did offer a similar deal in September, but left those interest-free loans and cash rebates mostly unchanged. DaimlerChrysler AG's Chrysler arm also did not match GM's offer.

While such incentives from Detroit's Big Three and other automakers have helped prop up U.S. auto sales, they've also dragged down earnings.

GM said its net prices in the third quarter fell by more than 2 percent from the same period a year ago, while Chrysler said its revenues per vehicle fell by about 4 percent in the quarter.

GM spokeswoman Elaine Redd said GM would extend the offers through Jan. 2, confirming a report in Wednesday's editions of The Detroit News. She said the company would reveal the rest of its national marketing program on Nov. 1, when it announces October sales results.