Lutz: Only one customer returned a car during GM’s 60-day guarantee program

Chevrolet Corvette ZR1

Ever since General Motors launched its new money-back guarantee program, it has had one customer return a car, GM’s Vice Chairman Bob Lutz said today. Lutz said that GM sold about 150,000 vehicles since the program began in September – of that, just over 100 customers opted to take a 60-day money-back guarantee, while the rest went for the $500 cash incentive, reports Automotive News.

“Out of hundreds of thousands, the people who’ve selected the 60-day guarantee were in the hundreds,” Lutz said. “We have had one substantiated return of a vehicle.”

The only return was more of an exchange. The situation involved a man who purchased a Chevrolet Corvette with a manual transmission. After driving it around for a month, he felt that shifting gears was inconvenient so he exchanged it for an automatic transmission.

“He brought it back because he had made a mistake,” Lutz said.

GM’s 60-day money-back guarantee program runs through November.

Lutz also touted the Detroit automaker’s average transaction price for its cars. According to J.D. Power data, GM’s average transaction price, including vehicles from Saab, Saturn and HUMMER, was up $8,000 to $34,069 compared with figures from 2008. Overall industry average was up $3,613 to $30,327.

– By: Stephen Calogera