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GM and Ford offer job-loss payments to boost sales

Posted Tuesday, Mar 31, 2009, 1:28 pm in Employee News

General Motors Corp and Ford Motor Co are joining rival Hyundai in offering to cover loan payments for customers who lose their jobs. GM said today it would cover nine payments, up to $500 a month for GM auto buyers who lost their income. The offer is effective Wednesday through April 30.

Ford announced earlier that it would cover payments for up to 12 months for customers who lose their jobs. The payment program runs through June 1.

Last January, South Korea’s Hyundai Motor Co began allowing customers to return vehicles if they lose their jobs within the first year of the purchase.

GM’s U.S. sales fell 51 percent, and Ford’s were off 44 percent in the first two months of this year, compared with an overall market decline of 39 percent. Hyundai’s sales were up 5 percent for the same period.
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