Customers who buy or lease a new Ford vehicle can turn to the company for help if they lose their jobs. The company announced its new return policy, Ford Promise, as the economy continues to show signs of uncertainty.
It builds off an earlier offer that covers customers’ first three monthly payments and defers three other payments. It’s one way Ford can give back to jittery consumers unsure about buying a car in this up-and-down economy.
The Built to Lend program boosts consumer confidence because it gives buyers leeway on their repayment to wait out the economic lulls. About 32 percent of shoppers are delaying purchases out of fears of losing their jobs or wages.
Consumers realize that it may be some time before things return to normal. In the meantime, Ford believes this support will build consumer confidence and get people back on the road.
Ford protects consumers who take the plunge into car ownership with the new protection plan – here’s how it works.
A customer who loses employment can return the vehicle during the first year of lease or loan. Ford will value the vehicle using the National Automobile Dealers Association.
The company will use the average trade-in value to reduce the outstanding balance and waive an additional $15,000. Customers are responsible for the difference plus any late payment and vehicle damage.
Eligible vehicles include 2019, 2020, and 2021 new, used, or certified that are purchased under Ford Credit. Only personal vehicles qualify for the program, which begins 30 days after a contract is signed. Owners have until September 30 of this year to make a claim and take advantage of the Ford Promise job protection program.