AutoNation Wants to Help with Your Auto Loan

The auto loan industry knows how hard it can be for people right now. They are trying to keep their heads above water in an economy that is seriously hurting. They know that people are afraid to buy cars and take out auto loans because they don’t know if months from now if they will be laid off – leaving them without a job or a way to pay their bills.

Well, AutoNation is looking to help you with that worry. If you purchase a car from them and get a car loan with them, once you have made three payments with them, they will insure your auto loan in case you lose your job. With any new or used car, whether you purchase or lease it, if you lose your job they will make your auto loan payments for you. You simply make three payments on your auto loan, and then if you lose your job they will take care of the next six months for you while you find another one.

They are following in the footsteps of Hyundai who recently announced a similar plan. Their auto loan coverage plan will cover three months of car payments, and then if you still cannot afford it they will take the car back without penalty or harm to your credit. Auto Nation will cover payments up to $500, but does not allow them to return the vehicle for reimbursement. Instead they say that they would offer to purchase the car back at current market price. The deal does not cover those who quit their jobs, or those who own their own companies.

The warranty will start after three months and end after twelve months. They are running the program in Florida at first and then have plans to expand it from there depending on how it goes over with their customers.







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