Apr 1st, 2009 by Liz Opsitnik
GM is also jumping on the car loan payment protection bandwagon. The automaker announced its plan Tuesday, named GM Total Confidence. GM will cover up to nine months of auto loan payments up to $500 for buyers who lose their jobs “for economic reasons”, CNN Money reports.
The payment protection plan is good for the first two years of ownership after a new GM vehicle is purchased. Only those eligible for state unemployment benefits will be able to have their car loan payments covered, GM spokesman John McDonald said.
The program is good for any GM vehicle bought in the U.S., except the Saab brand.
GM is also offering to protect consumers against the loss in their vehicles’ value. If consumers want to purchase another GM vehicle later on but the GM vehicle they purchased today is worth less than the amount they still owe on it, GM will cover that difference, up to $5,000, CNN Money reports.
GM is also offering 0% financing and other incentives on select vehicles. GM’s incentive starts April 1 and runs through April 30.
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