Ford And General Motors Offer ‘Customer Protection’ Plans

Ford Motor Co. (F) declared that it is offering a payment protection plan that would help new vehicle buyers who lose their jobs.

The Dearborn, Mich.-based said that it would meet auto loan payments worth $700 a month for up to a year on new Ford, Lincoln or Mercury vehicles. It also stated that it would offer zero-percent financing on the above-mentioned vehicles.

“Consumers remain anxious about the economy and their own outlook for the future,” Ken Czubay, vice president of sales and marketing for Ford, said in statement.

“We at Ford want to do our part to rebuild faith in the marketplace,” he added.

Later in the day, General Motors (GM) announced a “GM Total Confidence” package, which offers payment protection for the first 24 months of ownership. It would cover payments worth $500 a month for up to 9 months, if a buyer loses his job.

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