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Time Preference Has Been RepealedChinese Car Buyers Get Their Money For Nothing And Their Chicks For Free

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General Motor's "biggest China manufacturing joint venture said it would offer interest-free car loans, as the company maneuvers for advantage in the increasingly competitive China market and tries to encourage people in this cash-centered economy to borrow to buy cars," the Wall Street Journal reports.
Even worse: other dealers are apparently offering better deals. Negative amortization. Debt that grows its own equity. Leverage the buys itself out.
GM-China Joint Venture Offers No-Interest Loans [Wall Street Journal]