Ford and General Motors take a page from Hyundai's Assurance Program
Perhaps General Motors is feeling the heat and Ford simply wants to hasten the end of bad sales figures. Whatever the reason, the two Detroit auto firms are taking a page from Korean automaker Hyundai. They are offering to make the monthly payments on the car loans of customers who buy their cars and then lose their job. Auto sales in the U.S. fell 40 percent in March over the same month last year. That is supposed to be the lowest level in 27 years. GM’s sales specifically fell 51 percent and Ford’s dropped 44 percent in the first two months of 2009. Ugh. Given such figures, we can see why they're looking to jumpstart sales. But back to the specials. General Motors would cover nine payments of up to $500 each and the offer runs throughout the month of April. Ford said that it will cover payments for up to one year. The promotion runs from the beginning of April through June 1. Both companies are also offering zero percent financing. via Reuters
03/31/2009 - TORRANCE, Calif.