Ford, GM to cover car payments if buyer loses job
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.
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