Job Loss Protection For New Car Buyers

New car buyers are now being offered job loss protection which was started by Hyudai in January 2009.

General Motors and Ford are now offering a new car free insurance against job loss of income. Basically, that means if you lose your job then the  free insurance will cover your car or lease payment for a  period of time.

To qualify you have to meet certain time restrictions like eligible for state unemployment benefits.

Hyundai has been offering 3 months of new car payment protection and the right to return your car at no extra charge.

General Motors plan covers up to $500 per month and up to nine months.

Fords plan covers up to $700 per month and up to 12 months.

Remember these are dealer incentives to get you to buy a new car.

If your in the market right now to buy a new car then this type of job loss protection is a great incentive.

I remember I had an appointmet with a lady who wanted to buy a new car during the last week of December 2008.  She calls me up at the last day of December telling me she had to break our appointment she was just told she lost her job.

Happy New Year she lost her job is what her boss told her.  This lady had a Toyota Corolla she wanted to trade in but still has to make payments even if she lost her job.

Even if you have a job how do you know your job might not be the position that the CEO decides to eliminate.  Then you could end up with car payments for  60-72 months.

The car dealers wonder why nobody is buying cars, try telling Washington to create more jobs so people have the money to keep their homes from going into foreclosure and losing there cars to repossession.

What a mess this economy is in right now not to mention how the stock market is wiping out trillions of dollars in assets to  worthless paper.

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Posted by blogadmin on Mar 31 2009. Filed under Car Reviews. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.