In an effort to solve the consumer confidence problem, many new car dealers have been introducing incentive programs to help ease the minds of potential car buyers who may have been putting off a purchase because of worries about job security.
AutoNation, the largest dealership chain in the country, has announced a new incentive program called Payment Protection that will cover up to six months of car payments on new or used vehicles for consumers who lose their jobs. The worker must have been involuntarily let go from the job.
The program will cover the payments as the buyer searches for a new job. They will reimburse customers for loan or lease payments of up to $500 a month for up to six months.
In order to qualify, customers must have owned the vehicle for at least 90 days before losing their job, and be unemployed for at least 30 days. The offer is good for the first year that a customer owns their vehicle. The program is only for consumers, not business buyers.
The program, similar to one already being offered by Hyundai , costs nothing for the buyer. It has been launched at 33 South Florida dealerships so far and may be launched nationwide. AutoNation operates 239 dealerships nationally.
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