Hyundai has become a very successful auto company in the US if you consider the state of the auto industry and the current economy. It’s “lose your job, we take the car back” plan has been a huge draw. Ford Motor Co. (NYSE: F) has decided to adopt a similar strategy. This is a variation of the Hyundai offer, but it might prove to be just as good.
The company is also offering the 0% financing through Ford Motor Credit on select Ford, Lincoln and Mercury vehicles. Ford will now cover payments for up to 12 months on any new Ford, Lincoln or Mercury vehicle if the buyer loses his or her job. This does not go up to an unlimited amount of course, but the plan does cover payments of up to $700.00 per month. We aren’t sure if this is just a test or if it will run on further. The stated date is now through June 1.
Ford might not want to be thought of as copying Hyundai. So this plan is slightly different. But you know where it came from. Maybe Ford can even get Jeff Bridges to do the voice-over in the commercials.
You just have to wonder if the company really wants to offer this in Michigan and Ohio where unemployment rates and layoffs are expected to grow even worse. Considering that is where many auto plants are, that is probably a shoe-in.
Jon C. Ogg
March 31, 2009
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