Businesses cover, refund your payments if you lose your job
Ford Motor Co. has joined the list of companies trying to encourage spending by covering car payments if you lose your job, the Associated Press reports. And General Motors may soon offer a similar deal.
According to the AP story, Ford will cover payments of up to $700 each month for up to a year on new Fords, Lincolns or Mercurys after a job loss, through June 1.
In January, Hyundai started a program allowed drivers to return vehicles within a year if they could no longer make payments due to job loss or disability, the AP story states. The "Assurance Plus" program now will cover your payments for three months, according to the Web site, and after that you can still bring the car back.
Then JetBlue got on the bandwagon, making its own announcement last month.
JetBlue will refund tickets if you lose your job after Feb. 17.
And two weeks ago, Jos. A. Bank promised to refund the price of a suit if a buyer loses his job --- and you get to keep the suit!
Retail reporter Andrea K. Walker reported that for the Jos. A. Bank program,
Readers, what do you think --- would a promise such as these help you overcome your fear of accruing debt in this unstable job market? What do you think of Ford President Mark Fields' description of the program in the video above (discovered via Consumerist)?the suits must be purchased during the retailer's $199 sale, through April 9. Customers have to show proof that they lost their job between April 16 and July 1 to get the refund. Jos. A. Bank will pay a refund up to $199.
Categories: Budgeting, Cars, Economy, Energy/Utilities
