Lose Your Job? Your Car Payments Are Covered - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Lose Your Job? Your Car Payments Are Covered

Paul Harpole, John Chandler Hyundai Paul Harpole, John Chandler Hyundai
Jason Williams, GM District Sales Manager Jason Williams, GM District Sales Manager

Brand new car incentive programs rolled out on Wednesday... And one local dealership that currently uses insurance incentives says it's working.

Both Ford and General Motors are hoping they can follow Hyundai's lead. We first told you about Hyundai's Assurance Program in January... It guarantees to buy your car back from you or cover some of your payments if you lose your job. And Wednesday, both Ford and GM started similar programs of their own. It's been nearly three months since Hyundai kicked off it's Hyundai Assurance Program... And so far, so good... Paul Harpole at John Chandler Hyundai says it's giving a jump start to slow auto sales. "People are coming in saying that's just a good thing. Even if they don't think they're going to lose their job, it's nice to have that sort of insurance."

Both GM and Ford are launching similar buyer incentives... Promising to take over car payments if you lose your job. And local dealers hope it will guide the auto industry towards an exit ramp on it's highway of economic turmoil. We asked the local GM District Sales Manager, Jason Williams how vital this new program is to GM's well being. "I believe this is a very good program. It should help instill confidence in the customers and bring them back into the showrooms." After seeing Hyundai's incentive program success, the folks at John Chandler Ford Hyundai are confident these type of programs will provide the emergency fill up they auto industry is looking for.

Harpole says, "As these plans come out, they're just wanting to give some comfort that people are making the right decision to consider a car today." And with national car sales at an one of their lowest points ever... That's exactly what auto companies need so they're not left stranded on the side of the road. To put into perspective for you... In 2005, 17 million vehicles were sold in the US. This year, auto makers are on track to sell just nine million. GM is taking the incentive program one step further... They're guaranteeing the trade-in value of it's vehicles... The only catch is that you have to purchase another GM car or truck.

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