Ford, GM covers Car Payments If Buyer Loses Job
New Plan to Boost Car Sales by Ford and GM
With economic downturn car sales have reached record low in 27 years. The Obama administration have even granted federal funds to companies such as Chrysler LLC and GM to bail them from recession and government plans to back warranties for new car issued by these companies.
On the other hand to boost its car sales Ford Company has announced a plan of payment protection for people who fears of job loss. The program states that monthly payment of up to $700 would be made for a year to individuals who lose their jobs and are unable to bear the payout on any Ford, Mercury or Lincoln car.
To avail this opportunity of payment protection one needs to buy the car before June 1st. Zero percent financing is another measure by Ford to lure customers to buy cars besides making a plan with Ford car dealers to aid local charities.
General Motors have also unveiled a similar plan to regain consumer confidence with promise of nine installments of $500 each for its customers who are eligible if they qualify for state unemployment.
Besides these, Hyundai motors Co. have also announced a plan whereby individuals can return a vehicle within a year of purchase if they are unable to bear the cost of monthly pay-outs due to disability or job loss.
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