Mar 31 2009
Now is the time
If you’ve been thinking about replacing that pile of junk sitting out there in the driveway, now just may be the time. You see, odds are that you are going to lose your job sometime in the not too distant future (that is, if you are lucky enough to still have one). So why not get yourself a new set of wheels and let the car company shoulder the payments? It seems that Ford and GM are following the lead of South Korea’s Hyundai Motor Company and offering to make your car payments for you should you find yourself standing in the unemployment line (which, again, you most likely will)…
Ford, GM to cover car payments if buyer loses job
DETROIT (AP) – Ford Motor Co. and General Motors Corp. are offering payment protection plans to help reassure consumers who may be putting off buying a new car because of worries about losing their job.
The offers come as auto sales have been battered by the recession and tight credit, reaching their lowest levels in 27 years.
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.
Customers must qualify for state unemployment to be eligible for the program. The program starts April 1 and runs until April 30.
Hyundai Motor Co. launched a program in January that allows buyers to return a vehicle within a year if they can’t make the payments due to a job loss or disability.
It looks like Ford is offering the best bet. (Plus, as far as we know, Ford is not on the verge of bankruptcy.) They’ve got you covered for up to $8,400. So go ahead and get yourself that new Mustang you’ve been hankering for. You know you want to… and besides, you’ll be the envy of the neighborhood (to say nothing of the big boost you’ll be giving the economy).
Go for it!
One Response to “Now is the time”
The obvious question is … if GM can afford to absorb the costs of the cars if people cannot make their payments, why is it tapping the government for billions in aid?