New Buyer Protection Plan from GM
General Motors announced today a new incentive program aimed at protecting customer who buy cars and then lose their jobs. It’s their Total Confidence program.
It’s modeled after a similar program created by Hyundai earlier this year. The program has been well accepted.
The program allows customers to buy any GM vehicle (Chevrolet, Pontiac, Saturn, Buick, GMC, Hummer, and Cadillac) and, if the customer loses his/her job within 2 years, GM will pick up as many as nine monthly payments on a loan or lease — up to $500 a month. The job loss must be for “economic” reasons to qualify.
And there’s another nice part to the new incentive. To protect customers from being unable to trade due to being upside down in their loans, GM will protect the trade-in value of the vehicle and cover the difference between loan balance and vehicle value, up to $5000. The customer will qualify at the half-way point in the loan. This is a sweet deal, especially for people who must trade an upside down loan to begin the new loan. It can be a way to get out of the vicious negtive-equity cycle that many people frequently find themselves caught up in.
Free Price Quotes on GM Vehicles at Edmunds.com
Get free price quotes that automatically include any available incentives and bebates from Edmunds.com.
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[...] Motors has quickly added a new round of rebates, low interest loans, and a new buyer protection plan. The incentives, for now, are good through the month of April [...]