Automakers Offer Incentives, Protection

CENTRAL OHIO—Some auto buyers could have a bailout in their corner if they lose their jobs.

Several car companies have offered to make payments if the owner were to lose his or her job.

Do you need to watch out for the fine print, though?

NBC 4’s Tacoma Newsome GOT ANSWERS Tuesday.

Auto companies have offered protection in case you lose your job after buying their vehicle. 

Hyundai was first and offered to make your payments for three months or to take back the vehicle. 

Ford and General Motors were the latest automakers to put the offer on the table.

“If the customer loses their job, Ford will make the payments for up to a full year. The customer will never have to make those payments back,“ Ricart Ford’s Jim Moshier said.

Moshier said it’s all in effort to get the economy moving and help people feel secure about making a major purchase during these unstable times. 

Jared Mutchler bought his Ford Focus before Tuesday’s announcement but said incentives helped him make his decision.

Mutchler said although he works for the state, which he said was a little more secure, purchasing now still was a tough decision.

Newsome didn’t find a lot of fine print, but she reported there were some exceptions and rules to Ford’s new payment program:
- You must have involuntarily lost your job and be eligible for state unemployment.
- Ford will only pay as much as $700 dollars of your payment – in total.
- Though it doesn’t matter who your car loan or lease is through, it must be strictly a car loan and not built into your home equity.

Moshier said it’s a great program to help the local community, help customers and to help spur new business.

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