First it was Honda. Then, Volvo. Then, Renault. With what? Something so brilliant, I’m amazed nobody’s offered it before.
Free payment protection insurance for those buying on the car makers’ finance schemes.
In other words, peace of mind that, if they buyers sign for a new car and then lose their job, payments on the new car will still be covered.
Genius, or what?
The more you think about it, the more sense it makes. It illustrates, for example, that while banks may not be lending, cash-rich car company finance houses most certainly still are.
After all, their very business is pitching out money secured against new cars, then pulling in the interest from the monthly payments.
If they don’t lend, they don’t trade or function. So, car makers tell me, they’ve certainly got the reserves to lend. And are trying their damndest to do so.
The whole car industry crisis has been borne of fear. Buyers, not buying, because they’re fearful. This one simple incentive reassures them, in three ways – by…
•   Proving the cash is there
•   That eye-watering finance deals such as Civic Type-Rs for £199 a month are available
•   That buyers will be protected if the worst does indeed happen…
… I’d wager a successful uptake will mean these three companies won’t be the last to implement such schemes.
Volkswagen Golf looks to history for GTD inspiration
F1 insight – Lewis Hamilton speaks
Why car scrappage is now inevitable
