General Motors 60-day Money Back Guarantee
GM Offers to Give Full Refund Within 60 Days of New Vehicle Purchase
Sep 10, 2009
Worried about buying that new car? Afraid to take it home and realize it’s not exactly what was expected? Try this new full-price refund program from General Motors. In the USA Today article “GM will Offer 60-day, Money-Back Guarantee”, James R. Healey describes this innovative risk-free, no questions asked promotion that is currently aimed to last through the end of November.
Why General Motors is Offering a Full Price Refund
The novel marketing angle is meant to bring in business for General Motors, who has recently filed for Chapter 11 bankruptcy. GM sales have suffered more in comparison to other automakers, although sales overall have dipped greatly due to economic troubles.
GM’s brand Vauxhall, in the UK, implemented this program in the past for its residents with great success. The actual vehicle return rate was low and the projected vehicle return rate in the United States is expected to be fairly comparable.
Conditions on Money Back Guarantee
With an offer like this, most consumers want to know what the catch is. As of right now, the conditions are simply and rather fair. While more information may be released in the next few days, here are some of the current conditions that can be expected by a potential customer:
- The purchased vehicle must be from GM’s current brands: Buick, Cadillac, GMC, and Chevrolet
- The vehicle must be new and be a 2009 or 2010
- The return time for the vehicle must occur between 31 and 60 days from purchase date
- The car cannot be returned with over 4,000 miles on it
- Payments must be current
- A trade-in may affect the refund portion: “If the purchase loan included an additional amount to pay off the loan on a trade-in above what the trade-in was worth, that portion won't be refunded,” Healey noted.
How Other Automobile Makers Compare
GM’s competition, mainly Ford Motor Company, has not declared whether they will follow suit and offer a comparable promotion. With a larger portion of the new-vehicle market share in the United States, 15.8% according to Healey, the need to compete may not be as imminent. There has been no word from Chrysler yet either as to their take on the promotion.
Deals that Consumers Benefit From
General Motors’ money back guarantee is an innovative program that is designed to help instill security in new car buyer. Big purchases require big risks, but with GM absorbing the risk, buyers will ultimately benefit. In turn, GM should see a greater turnover of new vehicles while providing ground-breaking customer satisfaction.
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