TD Auto Finance has launched a new loan-protection program in Canada. The program, geared for Canucks who lose their job within 12 months of buying a car, will allow customers to sell their cars back to TD and also be paid up to $7,500 due to their vehicle’s depreciation is they lose their job. Though it does not offer protection against bankruptcy, the program does protect customers from unexpected job loss and a number of other life-changing events. As you can imagine, paying off an auto loan when unemployed is nearly impossible.
Car dealers are keen to be involved in the program. Currently, around 3,500 Mazda, Kia, GM and Chrysler dealerships in Canada have signed up for this TD auto loan protection program.
Canada’s unemployment rate in May was 8.2%.