General Motors started a used-car incentive program on Oct. 1 which offered 3.9 percent financing for 60 months on used models of Chevrolet Impala and Silverado, Pontiac G6 and GMC Sierra vehicles. The program was slated to end Jan. 5, yet in an impromptu move GM ended the program early due to the poor credit market.

GM has also announced they are ending automotive lending operations in seven European nations, and scaling back on operations in others. Earlier, GM said financing for vehicles in the United States will no longer be available to customers with credit scores under 700, eliminating roughly 40 percent of customers.

"I think what everybody has recognized is that the market is changing very quickly and we're looking at availability of credit and it's just very tight to finance these kinds of programs," GM spokesman John McDonald said.

GM will replace the program Nov. 4, though McDonald did not divulge details.

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