Ford, GM to cover car payments if buyer loses job

[stephanie]

what?

By KIMBERLY S. JOHNSON, AP Auto Writer Kimberly S. Johnson, Ap Auto Writer – 1 hr 43 mins ago
DETROIT – Opening Day came early for employees Tuesday at Jack Kain's Ford, Lincoln, Mercury dealership, when Ford Motor Co. announced a new program that would help buyers in the event of a job loss.

"When I read it to our sales people, you would have thought we just knocked a home run," said Jack Kain, a dealer in Versailles, Ky. "We've been waiting for this for a long time."

Weighed down by the lowest sales levels in 27 years and consumer confidence at historic lows, Ford and General Motors Corp. announced two programs that would cover buyers' monthly car payments in the event they lose their jobs. All automakers report sales figures for March on Wednesday, which are expected to be just as dismal as February, when companies sold about 688,909 cars.

"It really attacks one of the key challenges in the market right now, and that's confidence in the consumer's ability to make their car payment," said Tim Longnecker, automotive industry executive for Acxiom Automotive, a marketing consulting firm. "I think they're good programs and I think they will spur demand."

The announcements come a day after President Barack Obama said the government will back new car warranties issued by GM and Chrysler LLC, who have accepted federal assistance and are seeking more, to help boost consumer confidence about buying their vehicles.

read the rest here..
http://news.yahoo.com/s/ap/20090331/ap_on_bi_ge/ford_car_payments

[Nukeman]

You mean GM a bankrupt company is going to be able to pay my car loan????????? Please tell me how that is even going to be possible........

[manu1959]

You mean GM a bankrupt company is going to be able to pay my car loan????????? Please tell me how that is even going to be possible........

see how well the us government runs a company......they are going to give gm money to build cars then have them sell them to people that can't afford them then pay for them when they can't pay for them.....

all by taxing the rich.....


hey wait a second.....

[Nukeman]

see how well the us government runs a company......they are going to give gm money to build cars then have them sell them to people that can't afford them then pay for them when they can't pay for them.....

all by taxing the rich.....


hey wait a second.....HMMMMMMMMMmmmmmmmm can you say FannieGM/FreddieGM..... Looks mighty suspicious.. and familiar........

I

[-Cp]

Hyundai started offering something like this awhile ago..

http://www.hyundaiusa.com/financing/specialoffers/special_offers.aspx

In fact, not only will they make up to 3-months of payments for you, they'll let you take the car back if you need to..

[manu1959]

Hyundai started offering something like this awhile ago..

http://www.hyundaiusa.com/financing/specialoffers/special_offers.aspx

In fact, not only will they make up to 3-months of payments for you, they'll let you take the car back if you need to..

hyundai is underwritten by their government.....

[actsnoblemartin]

cant anybody afford to buy a car anymore?


hyundai is underwritten by their government.....

[Said1]

Crappy sub-prime auto loans. I can't recall for sure, but I think GM and ford had a combined 30 million worth of derivatives written against their debts. :cheers2:

[manu1959]

Crappy sub-prime auto loans. I can't recall for sure, but I think GM and ford had a combined 30 million worth of derivatives written against their debts. :cheers2:

so we went from helping people that can't afford a house....to helping those same folks buy a car.....next up paying for their credit cards......soon govt booze and cig vouchers....

[manu1959]

cant anybody afford to buy a car anymore?

ya i was stupid i paid cash for my porsche......

[stephanie]

cant anybody afford to buy a car anymore?

I've never owned a new car..not only could never afford it, but would rather buy a gently used car so I don't have to make those payments..

I think I'm gonna go to a Obama town hall meeting and ask for a NEW car..think it will work..:coffee:

[manu1959]

I've never owned a new car..not only could never afford it, but would rather buy a gently used car so I don't have to make those payments..

I think I'm gonna go to a Obama town hall meeting and ask for a NEW car..think it will work..:coffee:

i would suggest you buy a car then....default on your home loan and you car loan.....get fired.....then let 72 weeks of unemployment kick in while the government pics up your car loan and home loan.....hell if get declared an illegal alien you may not have to pay taxes for last year and may even get a tax refund.....

[stephanie]

i would suggest you buy a car then....default on your home loan and you car loan.....get fired.....then let 72 weeks of unemployment kick in while the government pics up your car loan and home loan.....hell if get declared an illegal alien you may not have to pay taxes for last year and may even get a tax refund.....

Humm, you might have a good idea there..

[Said1]

so we went from helping people that can't afford a house....to helping those same folks buy a car.....next up paying for their credit cards......soon govt booze and cig vouchers....

That's the next logical step....homes, cars, boats, furniture for that new home and any other big ticket items financed with worthless sub-prime credit.

[manu1959]

That's the next logical step....homes, cars, boats, furniture for that new home and any other big ticket items financed with worthless sub-prime credit.

kinda makes everyone beholden to the government.....and anyone left with any money willl have it taxed away from them and the excessive compensation will be adjusted.....

[emmett]

what?

By KIMBERLY S. JOHNSON, AP Auto Writer Kimberly S. Johnson, Ap Auto Writer – 1 hr 43 mins ago
DETROIT – Opening Day came early for employees Tuesday at Jack Kain's Ford, Lincoln, Mercury dealership, when Ford Motor Co. announced a new program that would help buyers in the event of a job loss.

"When I read it to our sales people, you would have thought we just knocked a home run," said Jack Kain, a dealer in Versailles, Ky. "We've been waiting for this for a long time."

Weighed down by the lowest sales levels in 27 years and consumer confidence at historic lows, Ford and General Motors Corp. announced two programs that would cover buyers' monthly car payments in the event they lose their jobs. All automakers report sales figures for March on Wednesday, which are expected to be just as dismal as February, when companies sold about 688,909 cars.

"It really attacks one of the key challenges in the market right now, and that's confidence in the consumer's ability to make their car payment," said Tim Longnecker, automotive industry executive for Acxiom Automotive, a marketing consulting firm. "I think they're good programs and I think they will spur demand."

The announcements come a day after President Barack Obama said the government will back new car warranties issued by GM and Chrysler LLC, who have accepted federal assistance and are seeking more, to help boost consumer confidence about buying their vehicles.

read the rest here..
http://news.yahoo.com/s/ap/20090331/ap_on_bi_ge/ford_car_payments


This is not the kind of thing the Repo Man likes to see!:eek:

[manu1959]

This is not the kind of thing the Repo Man likes to see!:eek:

you know when i heard this you were the first person i thought of.....:thumb:

[Little-Acorn]

GM will pay a maximum of $500/month, for max of nine months.
Ford will pay a maximum of $700/month, for max of twelve months.

Hyundai has been doing this already for a few months, max of 3 months payments. Almost nobody has taken them up on it... which is probably why Ford and GM decided to give it a shot.

Interesting marketing trick.

Remember when a Cadillac/Yugo dealer in Pennsylvania many years back, was having such a tough time selling Yugos (MSRP=$3500), that they offered a buy-one-get-one-free deal? If you bought any new Cadillac, they'd throw in a free Yugo too.

And their sales still sucked.

[Said1]

kinda makes everyone beholden to the government.....and anyone left with any money willl have it taxed away from them and the excessive compensation will be adjusted.....

Keep an eye out for the next bubble. I'm thinking multiple births, reality show? I'll cut you in if you wanna pretend to be the baby daddy?

[Mr. P]

Does anyone think we'll ever get this genie back in the bottle? It's gonna be one hell of a fight! Do "We the People" have it in us? I fear not.

[stephanie]

Keep an eye out for the next bubble. I'm thinking multiple births, reality show? I'll cut you in if you wanna pretend to be the baby daddy?

I'll be one your baby daddies, that should REALLY get the ratings and maybe we can rack up some dough selling our story to the National Enquire....the reality shows audience of today will buy anything it seems...:thumb:

[Said1]

I'll be one your baby daddies, that should REALLY get the ratings and maybe we can rack up some dough selling our story to the National Enquire....the reality shows audience of today will buy anything it seems...:thumb:

You'll have to supply your own diapers. But I'm in if you're game!

[stephanie]

You'll have to supply your own diapers. But I'm in if you're game!

deal..:laugh2:

[emmett]

There is actually more to it than meets the eye. One must qualify for this type of loan. It will not effect many of the loans. Besides, most won't take their Hyundais back anyway. We repossess them every day!

Just..to...be...on ...the ...safe side however, I am starting a lawn maint business in our hometown. Lots of middle / upper middle neighborhoods going up along our new bypass. We already have a small Locksmith Service as well. One just has to diversify a little under these kind of circumstances. We're expecting a lull in the repo biz over the next couple of years due to less loans.

[Seeker]

I remember seeing TV coverage of a campaign rally for Obama before the election where they were interviewing random people in attendance. One of the Obama supporters interviewed was bubbling over with excitment about the possibility of Obama being elected. She made some comment to the effect that when he's elected she won't have to pay her mortgage or car payment anymore. I wondered how somebody could be so stupid to think that. Now I'm thinking maybe she wasn't so stupid after all! I never could have imagined that what she said could ever happen because it was so riduculous. But look at where we are now. It's all coming true! Hmmmm.......

[emmett]

The interview you are remembering was after the speech at Denver. That chick was "out there" wasn't she? Or was she?

[Seeker]

The interview you are remembering was after the speech at Denver. That chick was "out there" wasn't she? Or was she?

Oh yes, she was waaaaaaaaay out there. Scary stuff happening!