Losing Your Job Doesn’t Have to Mean Losing Your Ride

Mar 31, 2009

In an effort to boost new car sales and consumer confidence, both Ford and GM have gotten creative with incentive programs, even for out-of-work customers. If you buy a Ford and find yourself unemployed soon afterward, Ford will make up to 12 payments of $700 or less on behalf of new car purchasers who lose their jobs.

The program, called “Drive One,” starts Tuesday and will last through June 1. The program covers any new Ford, Lincoln or Mercury and excludes their Volvo division, which Ford is currently starting to sell.

GM will make up to nine monthly payments of up to $500 each for new buyers who loses their job for economic reasons during the first two years of ownership under the “GM Total Confidence” plan. Buyers eligible for state unemployment benefits will also be eligible for the payment program according to GM spokesman John McDonald. The program is free for consumers and covers all U.S.-sold GM models except for the Saab division.

Both companies are also offering additional incentives like 0% financing on select models.

A similar program was launched in January by Hyundai. We hope nobody gets laid off and has to use the program, but it’s a nice safety net in tough times.

Read the entire article here, and we want to know: will these incentives be enough for you to purchase new company or personal vehicles in the upcoming months?