VW Is Offering Free Job Loss Protection For New Car Buyers Amid COVID-19 with The Volkswagen “Pledge”

April 28th, 2020 by

 

Volkswagen has positioned itself to help potential buyers with its built-in, no-additional-cost job loss protection plan with all new vehicles sold during the coronavirus pandemic. The program allows those financing through VW Credit to be able to have their car payments waived for up to 6 months in the event of involuntary employment as a result of COVID-19. They are calling this program The Volkswagen “Pledge”.

Coverage: Provide up to 6 payments for our customers in the event that they become involuntarily unemployed due to economic reasons, including but not limited to, lockouts, individual and mass layoffs, business failure or bankruptcy, or COVID-19.

Terms and Conditions:

  • Coverage provided for the primary borrower only
  • Maximum monthly payment benefit is $750 (or $4,500 total benefit)
  • Maximum number of monthly payments waived is 6
  • 90 day vesting period – Meaning if customer becomes unemployed within the first 90 days of ownership, they are not eligible
  • 30 day waiting period – Meaning a customer must be unemployed for 30 days before a benefit can be paid. If they are unemployed for 31 days or more, the benefits are paid back to the first day of unemployment
  • More than one unemployment event is allowed over the term of the Program, however, the maximum number of 6 monthly payments waived is in total not for each event
  • Customer must be employed for 12 consecutive weeks prior to unemployment
  • Customer must have had no prior knowledge of their unemployment
  • Customer must file for and receive unemployment benefits from state, local, or federal government entity
  • Customer cannot be more than a 10% owner of the company where employed
  • Vehicle cannot be owned by a corporation
  • VWGoA employees will be excluded
  • State if New York dealers are excluded
  • Program administered by Cynosure

Source: Volkswagen Group of America; CarsDirect

 

Posted in Uncategorized