The FCA group of brands comprising Alfa Romeo, Fiat, Jeep and Abarth are all offering a job loss protection scheme aimed at coaxing nervous buyers into taking out a finance agreement on a new car. It follows the results of a survey of 2000 consumers last week which found that “31% of UK motorists say that they are interested in buying a new car but are concerned about their job security,” according to an FCA Press release.
The poll further found that one in five have not bought a new car specifically because of the ongoing Coronavirus pandemic. So, to ameliorate buyer fears, all FCA buyers taking out finance on a new car will get a 12-month job loss protection plan free of charge. It covers every new car financed between 1 June and 30 September and can be activated at any time during the first 12 months of ownership, offering up to seven months of payment cover.
The plan, provided by FCA Group’s Leasys finance company, is a full waiver of payments for up to seven months for anyone made redundant or absent as a result of sickness. That's as opposed to the Government’s mortgage break scheme, for example, which defers payments and spreads them across the remaining term of the loan. (As it goes, the FCA policy will also waive the full seven-month term if you die, as stated in section 1.1 of the Ts&Cs. Good to know.)
The aforementioned poll also showed that 36% of respondents said they would consider buying a new car if the manufacturer covered the payments as a result of them losing their job. Et viola!
Alex Hughes, managing director for FCA Automotive Services UK, said: “We are really pleased to support our brand partners in launching this exciting new initiative. We are always keen to find innovative ways to address consumer needs, and we believe that this is the right customer offer at exactly the right time”.
Keyword: Alfa, Fiat, Jeep and Abarth all offer job loss protection on new cars