DEARBORN, Mich. –
The Blue Oval is providing a safety net for individuals who are considering a certified pre-owned vehicle, as well as a used or new model, and financing the deal through its captive.
In light of the unsettled economy impacted by COVID-19, Ford on Monday announced a program dubbed Ford Promise that gives consumers the option to return the vehicle in case customers lose their jobs within the first year of taking delivery.
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 average trade-in value, reduce the customer’s outstanding balance by that amount and waive up to an additional $15,000.
The OEM said the customer is responsible for any difference remaining.
In addition, the automaker indicated 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, according to Ford.
“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,” said Mark LaNeve, Ford’s vice president of 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,” LaNeve continued in a news release.
An ad campaign, which launched on Monday, 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.”
Research from Cox Automotive found 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 said. “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 wanted to share:
— 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.
“Ford Credit has a long history of helping customers affected by all types of economic setbacks,” Ford Motor Credit chief executive officer Marion Harris said. “Now, we want to make sure that everyone who is considering purchasing or leasing a vehicle knows that this assistance is available.”
Other programs the Blue Oval has rolled out to stimulate sales have included:
— The Built to Lend a Hand program that allowed eligible new car customers in the U.S. to defer payments for up to three months and Ford to pay for three months – providing up to six months of payment peace of mind.
— A Ford Credit program that allowed existing U.S. customers affected by COVID-19 to call Ford Credit and discuss options such as payment deferrals if they were having payment difficulty.
“Our programs are adapting and evolving as our customers’ wants and needs change,” LaNeve said. “Ford Promise is simple and streamlined — it allows our customers to get into a vehicle without having to worry too much about what the future holds.”
For more information, visit the Ford Promise website.