Ford to cover car payments if buyer loses job

snip -

DEARBORN, Mich. – Ford Motor Co. said Tuesday it is offering a payment protection plan to help reassure consumers who may be putting off buying a new car because of worries about losing their job.

The offer comes as auto sales have been battered by the recession and tight credit.

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.

Hyundai came out with this a month or two ago.

The next paragraph was:

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. The company said the program helped it avoid a double-digit sales decline last month, reporting a 2 percent slide.

Edited to avoid restating the Hyundai return deal.

Now if I could just get my hubby to look at a Ford! But nooooooooooooooooo.....he's bound and determined to drive Chevy and only Chevy, forever and ever, amen.


Or......until the company folds.

Is there a fee that the consumer has to pay to get this protection?

Yes.

Buying the car.

I should have posed the question differently, perhaps this will make sense to you,

Like, if I bought a Ford or Hyundai and to get the protection that they're offering, do I have to pay a fee (monthly or whatever) similar to say, a debt cancellation or insurance program? hey look! shiny objects!

the auto companies are paying for this via some sort of insurance policy...a local Nissan dealership where I live started the "lose your job we pay your note up to 6 months" about 3 months ago. The biggest difference between these and Hyundai is with Hyundai you must give the car back, the others let you keep it until the time expires, then I guess it gets repo'd if you can't make payments.

So GM has now chimed in as well and is offering up to nine months of protection up to $500 a month.

Uhm, how exactly?

hope the policies aren't with AIG....

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