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General Motors launches “Total Confidence” program (customer protection plan) to encourage buyers

By Amarendra Bhushan for CEOWORLD Magazine Updated:March 31, 2009

General Motors launches “Total Confidence” program (customer protection plan).

Or is it just to encourage buyers!

The market is so excited about the GM plan in which they get to use taxpayer money to cover their payments if they lose their job. GM’S customer protection plan: General Motors (GM) says it will make car payments for some customers who lose their jobs.

The auto maker’s new CEO Fritz Henderson says under GM’s new “Total Confidence” program, the company will make up to nine car payments of $500 each for customers who have lost their jobs through no fault of their own.

Payment protection for 24 months of ownership. Highlights:

* Payment protection for the first 24 months of ownership… lose your income and we’ll make up to nine payments for up to $500 per month
* Finance a new GM vehicle we’ll help protect its retail value at trade-in time on your next GM vehicle
* Safety and security of one year of OnStar standard
* Fully backed, 5 year/100,000 mile limited powertrain warranty with roadside assistance and courtesy transportation … provides the best coverage in the industry
* GMconfidence.com website launched with program details

Customers must qualify for state unemployment to be eligible for the program. The program starts April 1 and runs until April 30.

The news comes hours after rival Ford Motor Co. said it would take over customers’ payments of up $700 for a year in the event of job loss.

Henderson, formerly chief operating officer of General Motors Corp., replaced Rick Wagoner who stepped down Monday at the government’s request as the Detroit auto maker seeks more federal aid.

GM’s payment protection program is much like Hyundai’s Assurance Program in that the automaker will cover your payments in the event that you lose your job. GM’s program covers you for 24 months and will make up to nine payments valued at up to $500/month. According to GM, if you qualify for state unemployment benefits, you’ll qualify for the payment protection to kick in.

What is Unprecedented Customer Protection Package – “GM Total Confidence” ?

The ‘GM Total Confidence’ plan:

* Protects your Paycheck: ‘Payment Protection*’ provides up to nine months of payments on vehicle loans or leases ($500 max/month) if you lose your job for economic reasons. When looking for a job, you need a vehicle more than ever. ‘Payment Protection’ helps you get back on your feet.

* Protects your Investment: During the first two years of ownership, ‘Vehicle Value Protection*’ helps protect customers against uncertainty in the future used car market. Much as we’ve seen home prices decline in this tough market – and homeowners may owe more than the current resale value of their house – ‘Vehicle Value Protection’ provides peace-of-mind for customers when they want to go purchase another GM vehicle.

* Protects your Vehicle: GM’s 5 year/100,000 mile transferable powertrain limited warranty (whichever comes first) plus roadside assistance and courtesy transportation. GM protects your vehicle with the best coverage in the business – so you don’t have to worry. With the high quality of GM vehicles today, offering the best coverage only makes sense. See your dealer for warranty details.

* Protects your Family: One Year OnStar ‘Safety and Security’ Package. Knowing that OnStar is there if you should ever need them really makes a difference. With Automatic Crash Response, OnStar’s cutting-edge technology that protects your family when they travel. Visit onstar.com for more details.

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