Don't Waste Your Money: Lose your job, return your car - News, Weather, Sports, Toledo, OH

Don't Waste Your Money: Lose your job, return your car

By John Matarese 

Posted by Nick Dutton - email

(WTOL) - By now you've seen ads for Hyundai's assurance program, where the automaker promises to buy back your new car if you lose your job. Well the ads are working, so other dealers and manufacturers are now jumping aboard.

It took two months, but Ford and General Motors are now following the lead of Hyundai and offering help to car buyers nervous about their jobs.

  • If you lose your job after buying a new car this spring, ford will make your payments for up to 12 months.
  • GM will cover you for up to 9 months.
  • Ford will cover up to a 700 dollar monthly payment, gm up to 500.

Will it work?

When Hyundai rolled out its assurance plan in January, Cynthia Thompson told me it would certainly impact her car buying decisions.

"That's awesome, that's amazing. To have that option, because it not going to be repossessed!"

Hyundai sales have improved since it rolled out its program.

Now, Ford and GM dealers are hoping Hyundai's success spills over into their showrooms.

In GM's case, dealers feel the layoff guarantee coupled with the government backing GM warranties will finally get nervous buyers off the fence.

"For them to know if they buy a GM car and the warranty is still going to be on the car is big."

Consumer Reports Magazine has just analyzed the fine print on Hyundai's program and says you need to be aware of a few catches.

For instance, you cant leave your job voluntarily, you need to be out of work at least 45 days, and you must be registered for unemployment.

But the magazine says these deals are real and may be worth considering so you don't waste your money. 


Copyright 2009 WTOL, a Raycom Media station. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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