BIG NEWS: Ford and GM Announce Job-loss Payment Protection
By KBB.com Editors on March 31, 2009 8:14 AMFord and GM have followed Hyundai's lead and announced programs that will cover a person's car payment in the event of a job loss. The Ford Advantage Plan will cover up to 12 months of loan or lease payments (up to $700/month), while GM Total Confidence will cover 9 months of payments (up to $500/month). The GM plan also includes a credit of up to $5,000 toward the subsequent purchase of a new GM vehicle to buyers who still owe more on a Total Confidence-covered vehicle than it's worth. The Ford Advantage Plan is available on all Ford, Lincoln and Mercury vehicles (excluding E/F-450 and higher) and is currently scheduled to cover vehicles purchased between April 1 and June 1, 2009. The GM Total Confidence program applies to all GM brands but Saab, and applies to vehicles purchased April 1 through April 30, 2009. If you might be interested in either of these programs, be sure to visit the manufacturer's website for important details.