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Ford, GM offers incentive to buyers - payment protection plan guards against job loss
2009-04-01 18:36:50 (GMT) (Caymanmama.com - Automotive Business News)
Ford Motor Co. and General Motors Corp. are combating those worries by offering payment protection plans to help reassure consumers and get them to the lot to purchase a car
Detroit, Michigan (CaymanMama.com) — The recession has cast a great deal of doubt among consumers who are now worried about buying a new car as the prospect of losing their job looms.
However, Ford Motor Co. and General Motors Corp. are combating those worries by offering payment protection plans to help reassure consumers and get them to the lot to purchase a car.
The incentives come as vehicle sales have been severely affected by the recession and credit crisis, reaching their lowest levels in 27 years.
According to the Associated Press, “Ford said Tuesday it will cover payments of up to $700 each month for up to a year on any new Ford, Lincoln or Mercury vehicle if consumers lose their jobs. The program runs until June 1.
“Hours later, GM said it will make a similar offer. GM’s new CEO, Fritz Henderson, said the company will make up to nine car payments of $500 each for customers who have lost their jobs through no fault of their own.”
Car buyers must qualify for state unemployment to be eligible for the incentive plans which begin April 1 and runs until April 30.
Hyundai Motor Co. unveiled a program at the beginning of the year that lets buyers return their car within a year if they are unable to make payments as a result of job loss or disability.
Ford will also offer zero percent financing on certain Ford, Lincoln and Mercury vehicles.
“Consumers remain anxious about the economy and their own outlook for the future,” Ken Czubay, VP of sales and marketing, said in a statement.
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