Ford, GM unveil payment protection plans

Both General Motors Corp. (GM) and Ford Motor Co. (F) have announced plans that will cover payments for customers who lose their jobs.

Under Ford's Drive One program, Ford will cover 12 monthly payments of $700 each for buyers of new Ford, Lincoln or Mercury models who lose their jobs. Under GM's Total Protection plan, customers can get payment protection for the first 24 months of ownership. GM will make up to nine payments for as much as $500 a month for people who lose their incomes.