General Motors and Ford have joined Hyundai in offering to cover car payments in the event of a job loss. However, General Motors is on the shakiest ground of the Detroit 3 so I don’t have much faith that this new program is going to help the company slow its decline in sales.

General Motors’ sales are down 51.1% through the end of February 2009. February’s sales were 53.1% lower than the company posted in February 2008. Today’s the last day of the month so in the next day or two, we should have March figures to look at.

Automotive News sent out an email alert with details about GM’s plans:

“GM said it would provide payment protection for two years as part of its GM Total Confidence program. The company will cover up to nine vehicle payments of up to $500 a month for new-vehicle buyers.“

I want GM to survive but I feel like they are grasping at straws right now. I know that if I were looking to purchase a new vehicle right now, GM’s promise to pay my car payment if I lost my job wouldn’t outweigh the reports that predict GM’s impending demise.

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