GM and Ford offer job-loss payments to boost sales

Posted on Tuesday, March 31st, 2009 at 1:28 PM EDT.

General Motors Corp and Ford Motor Co are joining rival Hyundai in offering to cover loan payments for customers who lose their jobs, according to a Reuters story on their Web site. The story said GM would cover nine payments, up to $500 a month for GM auto buyers who lost their income. The offer is effective Wednesday through April 30.

Ford announced earlier that it would cover payments for up to 12 months for customers who lose their jobs. The payment program runs through June 1.

Last January, South Korea’s Hyundai Motor Co began allowing  customers to return vehicles if they lose their jobs within the first year of the purchase.

The Reuters story noted that GM’s U.S. sales fell 51 percent, and Ford’s were off 44 percent in the first two months of this year compared with an overall market decline of 39 percent. Hyundai’s sales were up 5 percent for the same period. (Reuters)

This entry was posted on Tuesday, March 31st, 2009 at 1:28 PM EDT and is filed under Industry. You can follow any comments to this entry through the RSS 2.0 feed. Comments are currently closed.