Hyundai's Assurance Plus program offers to buy back your new Hyundai if you lose your job or become disabled.
In response, some carmakers are ratcheting up the incentives, but traditional cash and financing offers aren't the biggest part of the game. Rather than pile loads of cash and interest rate deals on the hoods of their cars, Ford, General Motors, and Hyundai aim to strike at the heart of the problem: The consumers' fear of joblessness. Though each automaker's incentive program is different, all three promise to take over your car payment if you lose your job, and in one case, even buy back the car.
Ford Advantage Plan
Ford thinks that it's tough to find a job without a car. Lose your job and Ford will make your car payments for up to a year on new financed or leased Ford, Lincoln, and Mercury vehicles. The automaker will pay up to $700 a month if you find yourself unemployed before January 1, 2010. Customers have to be employed when the vehicle is purchased, however, and remain so for 30 consecutive days. Zero percent financing rates on select vehicles, excluding model-year 2010 Ford Fusion Hybrid, Mercury Milan Hybrid, and Ford Mustang, sweeten the deal.
The program was announced on March 31 and runs until June 1. Visit http://www.fordspecialevent.com for more information.
GM Total Confidence
Along those same lines is GM Total Confidence. If you finance or lease a new 2008, 2009, or 2010 GM vehicle and become unemployed during the next 21 months due to economic conditions, GM will make your car payments. The automaker is willing to cover up to $500 per month for up to nine months. Two caveats: You have to be employed when you buy the vehicle and remain employed for 90 days thereafter.
Also, the plan's "Vehicle Value Protection Program" ensures that if you finance your vehicle and want to trade it in for a new GM car after half the payments are made, you qualify to receive up to $5,000 if you owe more on your vehicle than its retail value.
Excluded vehicles include Saabs and medium-duty and heavy-duty trucks. The program started April 1 and expires April 30. Visit www.gm.com/total-confidence for more details.
Hyundai Assurance Plus
The first automaker to offer this type of plan, Hyundai's Assurance Plus program works like the others in that, if you buy or lease a new Hyundai and lose your job or become disabled within the next year, the automaker will cover three months of car payments. Hyundai goes one step further, though, and allows you to return the car if you meet certain "life-altering circumstances" like involuntary unemployment, physical disability, international employment transfer, self-employed personal bankruptcy, or accidental death.
The program started on February 23 and runs through April 30. Visit http://hyundaiassurance.com for terms and conditions.
04.03.2009
