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It isn’t even noon yet here in Detroit, but already it’s been a busy day thick with bailout fallout and new consumer loan guarantee programs introduced by General Motors and the Ford Motor Company.

The Blue Oval has just unveiled its new Ford Advantage Plan, which can be thought of as a riff on Hyundai’s much talked about Assurance Program. Ford’s new initiative will cover payments of up to $700/month for up to 12 months on any new Ford, Lincoln, or Mercury vehicle if the loan holder loses his or her job. 

We hope to learn more specifics about the program soon (conditions/exclusions, etc.), but for now, the program takes effect immediately and runs through June 1. Buyers will be able to take advantage of the program as well as a new round of zero percent financing offers through Ford Motor Credit.

As part of the announcement, Ford is also preparing a new dealership-level assistance program “to assist local charities impacted by the economic downturn,” the details of which will be announced in April. Official press release after the jump.

[Source: Ford Motor Company | Image: Bill Pugliano/Getty]