Ford to Make Car Payments for Buyers Who Lose Jobs

Firm will cover up to $700/month for a year
By Matt Cantor,  Newser User
Posted Mar 31, 2009 10:00 AM CDT
Unsold 2008 Edges sit at a Ford dealership in Denver on Sunday, Jan. 4, 2009.   (AP Photo/David Zalubowski)
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(Newser) – With auto sales battered by the recession and tight credit, Ford is offering a payment protection plan to reassure consumers delaying buying new cars because of job-loss fears, the AP reports. The automaker will cover payments of up to $700 each month for up to a year on any new Ford, Lincoln, or Mercury if consumers lose their jobs. The program will run until June.

Ford is also offering 0% financing on certain cars. Hyundai launched a similar program in January that allows buyers to return a vehicle within a year if they can't make the payments due to a job loss or disability. The company said the scheme helped it avoid a double-digit sales decline last month. GM is considering a comparable program of its own.