Buyers will be allowed to return their car or truck within 60 days if they’re not satisfied.
Buy a new General Motors car. Don’t like it? Return it and get your money back.
General Motors, in a bid to appeal to consumers upset about decades of poor quality and the carmaker’s government bailout, is launching an unusual program: money-back guarantees.
Between Sept. 14 and Nov. 30, buyers will be able to return Buick, Cadillac, Chevrolet or GMC products within 60 days if they don’t like them, the automaker announced Thursday.
Such programs are commonplace in other businesses, but not for cars.
For one thing, cars cost, on average, about $25,000 and they lose a lot of value as soon as they leave a dealer lot.
So a money back guarantee will mean thousands of dollars in losses for each returned car — a risk against which GM has purchased insurance.
GM isn’t too worried. Based on its experience with a similar program involving GM’s British Vauxhall brand, GM expects few returns, marketing head Bob Lutz said in a conference call today.
The plan will capitalize on the improvements in GM’s products over the last several years, Lutz said. The guarantee will be in place at least through the end of November.
“I think we can now say our current lineup can bear comparison with any other volume automakers’ products anywhere in the world,” Lutz said.
The new guarantee will be part of a major new marketing push by GM, he said. GM will spend many times what it has in the last few years to market its cars.
“Three years ago, four years ago, five years ago, this would have been a huge risk,” Lutz said.
Over that time, GM’s products have improved to the point that the company now feels it can safely make this offer. GM does have insurance against any potential losses it may take on the program but Lutz said he felt confident that few customers would return their cars.
Tags: businesses, buyers, general motors, money
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