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Ford's new program allows customers to return cars if they lose their jobs within a year

Ford's new program allows customers to return cars if they lose their jobs within a year
Posted at 4:44 AM, Jun 29, 2020
and last updated 2020-06-29 07:55:46-04

Ford Motor Company is launching a new program for potential customers that are nervous about buying or leasing cars in an unsettling economy.

“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 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.

Enrollment is open through Sept. 30.

The ad campaign focuses on supporting consumers eager to move forward, says Matt VanDyke, director, U.S. Marketing. “Customers are realizing it might take a while for things to completely feel normal again, if in fact, they ever do.

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.