Well, it looks like General Motors (NYSE:GM) has done it once again. The auto industry's leader in offering consumer incentives has come up with a brand-new pitch to try to lure buyers into its showrooms. If you buy and finance a 2005 GM vehicle by the end of November, the next GM vehicle you purchase within five years can be financed at today's low rates -- as long as the vehicle is purchased before the initial loan expires.

GM made the announcement just ahead of Wednesday's anticipated hike in interest rates, hoping everyone would be terrified into buying right away to avoid those 10% rates that are no doubt right around the corner.

The company is hoping the incentive will generate results similar to its 72-hour, 0% financing offer, which increased company sales by 20% in September. With Toyota (NYSE:TM) right on its tail in the race to be the world's top automaker, and with the plethora of new models being introduced by Ford (NYSE:F), GM appears to be pulling out all the stops in order to stay ahead of the competition. My question is, where will it end? Will consumers soon be able to buy one vehicle and get a second at half-price?

We'll find out how successful this latest offer will be over the next few weeks, but I'm a bit skeptical for a couple of reasons. First, I don't think consumers are that concerned about a sharp rise in interest rates. As expected, the Fed raised rates by 0.25%, and all indications are that it will continue to avoid drastic increases. Second, I wonder how many consumers will like the idea of being tied into purchasing a second GM vehicle within five years in order to cash in on the deal.

General Motors seems finally to be making some steps toward producing a better line of products. Perhaps the company should continue to shift its focus toward producing more vehicles that are in demand and let the sales take care of themselves.

Fool contributor Mike Cianciolo welcomes feedback and doesn't own any of the companies in this article.