In a previous post, I discussed the Hyundai America plan to allow car buyers who were laid off within a year of buying their car to return it and have their loan balance cancelled with no ding to their credit rating. The idea being to remove the insecurity of job stability as an obstacle to buying a new car. I liked the idea and time will tell if it works. In the mean time the idea appears to be spreading.
Jet Blue Airways just announced a similar program for travel. If you buy a ticket for travel on Jet Blue and subsequently lose your job, you can get a full refund from Jet Blue as part of their Jet Blue Promise. Not only will they refund your airfare, but up to nine other people who are booked on the same reservation. That should cover everybody except the mother of the octuplets in California who has 6 other kids. But then she doesn’t have a job anyway.
Again, we commend Jet Blue for focusing on removing the constraints to people buying air travel. We think it is a good idea. Time will tell.