GM Joins Ford with Payment Assurance Plan
by Steve Cypher on Tuesday, March 31st, 2009General Motors follows Ford today in introducing its own payment assurance plan for customers.
And then there were two
Here at Auto Credit Express, it has been difficult keeping up with the new assurance plans being offered by the manufacturers as General Motors is the second domestic manufacturer to introduce a payment assurance plan today and it happened within hours of Ford’s announcement. And while GM’s plan only covers monthly payments for 9 months and a maximum of $500 per month instead of the 12 months and $700 offered by Ford in the event of a job loss, the GM plan goes a step further in other areas.
.jpg "2010 Chevrolet Camaro")
2010 Chevrolet Camaro
GM Total Confidence Plan
In addition to covering 9 months of payments, the plan also includes what the company is calling “Vehicle Value Protection.” Under this plan, if a customer buys a vehicle under the “Total Confidence Plan” and, within six years, trades that same vehicle in and, at the same time, finances a new GM vehicle, General Motors will provide negative equity assistance if the outstanding principal loan balance is more than NADA Clean Retail Value.
The “GM Total Confidence” package is rounded out by two additional features: GM’s 5 year/100,000 mile transferable powertrain warranty (that includes roadside assistance and courtesy transportation) as well as the one year OnStar® “Safety and Security” package that is included with every new GM vehicle.
The plan, as outlined by GM, will be available on vehicles purchased April 1 through April 30, 2009.
The Bottom Line
The GM Total Confidence Package goes even further, in many ways, than those programs offered by Hyundai and Ford. Again, it is our hope here at Auto Credit Express that these plans, especially those of Ford and GM, help restore consumer confidence in the retail automobile market so that consumers can once again feel good about buying a new car.
Tags: auto loan
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[...] dealer cash flows and expand its customer base, the moves are seen as adding an impetus to the payment protection program that General Motors outlined just [...]