All About Japan Autos

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Autoblog reports, “General Motors has announced a new incentive program that it hopes will encourage people to enter the car buying market again. Called GM Total Confidence, the program has four prongs that includes Payment Protection if you lose your job, equity assistance if you trade in your vehicle later for another one from GM, one year of OnStar and the automaker’s 5-year/100,000-mile powertrain warranty..

The plan begins tomorrow, and ends April 30.

GM’s payment protection plan resembles a similar program offered by Hyundai that has helped the Korean automaker stay relatively insulated from a declining automotive market, as well as new program announced this morning by Ford. Jalopnik explains, “The difference? GM’ll make nine payments for up to $500 per month.” Hyundai will make up to three payments, then allow consumers to return the car without suffering any credit penalty. Hyundai’s program does not limit the amount of the monthly payment. Ford’s program has a $700 per month limit, and lasts 12 months. Jalopnik points out another difference; GM “will do it longer – 24 months.”

Kicking Tires notes that GM’s plan will also “will cover any negative equity in your vehicle if you trade it in on a new GM” vehicle. “As far as we can decipher from GM’s brief press release,” they write, “If you buy a new GM car today and after 24 months of ownership you trade it in for a new GM car, GM will pay the difference if you owe more than the car is worth. There is no mention of a cap on this amount.”

We will bring you additional details on the program as we have them.

If you’re in the market for a new car, check out the US News rankings of this year’s best cars as well as this month’s best car deals.