Hoping to assure reluctant motorists staying out of the new car market – or simply avoiding General Motors vehicles – GM has launched its expansive Total Confidence Program which, among other things, will protect buyers who unexpectedly lose their jobs.
The new program, announced during the first news conference by new GM CEO Fritz Henderson, offers to cover up to $4,500 in payments should a buyer lose his or her job, and even come up with some cash if a potential customer is “upside-down,” owing more money on their old vehicle than it would bring as a trade-in.
“This is about providing a full range of protection for our customers,” said Henderson, insisting the Total Confidence Program is more expansive than competitive measures launched by competitors, such as the Hyundai Assurance Program, which allows a buyer to return a vehicle, without penalty, if they lose their job.
The TCP program is GM’s latest response to the overall slide in U.S. new car sales and to the specific downturn it has faced as buyers grow wary about dealing with a manufacturer that could soon go bankrupt. On Monday, Pres. Barack Obama warned that a Chapter 11 filing was a very real possibility, as he rejected GM’s bid for a second round of emergency government loans. (more…)