Ford Allowing Buyers To Return New Cars If They Lose Their Jobs With Limited-Time Program
Ford is providing peace of mind to potential customers nervous about buying or leasing new or used vehicles in an unsettled economy with a program that offers them the option to return the vehicle in case customers lose their jobs within the first year.
“We feel like right now, the economy is at the stage of recovery where people want things to be back to normal, they want to buy, but they’re still a little nervous about what the future holds,” says Mark LaNeve, vice president, U.S. marketing, sales and service. “We want them to know we understand that, and we’re here to support them in their buying decisions.”
Under the new Ford Promise program, customers who lease or purchase a vehicle with Ford Credit financing and then lose their job within a year can return the vehicle. Ford Credit will value the vehicle using the National Automobile Dealers Association (NADA) average trade-in value, reduce the customer’s outstanding balance by that amount, and waive up to an additional $15,000. The customer is responsible for any difference remaining. In addition, the customer is responsible for any late or deferred payments due and vehicle damage. Once the conditions are met, the account is reported as closed and paid.
Research from Cox Automotive indicates that at least 32 percent of potential customers are delaying automotive purchases, citing market uncertainty and fears of unemployment.
“They need our support now more than ever,” VanDyke says. “And it’s here, in an offer that applies to both new and used vehicles leased through Ford Credit. It just shows there’s no better place to shop than at a Ford dealer.”
The program offers a simple solution to those who experience an involuntary job loss and are unsure how to meet their payments. Enrollment is open through Sept. 30.
A few other details:
- Ford Promise covers 2019, 2020 and 2021 purchased or leased new, used and certified pre-owned vehicles financed through Ford Credit.
- Vehicles must be for personal use only; commercial use contracts are ineligible.
- The complimentary protection begins 30 days after vehicle purchase or lease.
- This initiative is the latest program by Ford that supports customers who may have been affected by the COVID-19 pandemic.