- New return option called Ford Promise
- Allows customers to bring back vehicle in first year
- Eligible to buyers financing or leasing through Ford Credit
- Ford Promise covers 2019, 2020 and 2021 models
Ford will allow customers who buy or lease through Ford Credit to return the vehicle within the first year if they lose their jobs. The Ford Promise vehicle return program builds on earlier offers to cover the first three payments and defer three more.
“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.”
Uncertainty in the market
According to Cox Automotive data cited by Ford, at least 32 percent of prospects are putting off vehicle purchases due to the uncertain economy and fear of job loss. Matt VanDyke, director of Ford’s U.S. marketing, said, “Customers are realizing it make take a while for things to completely feel normal again if in fact they ever do. They need our support now than ever.”
More: What to do if you can make your car payments
The return option is open to new customers through Sept. 30. If during their first year of the lease or ownership, the customer loses employment, that person can return the vehicle. Ford Credit will value the vehicle using National Automobile Dealer Association (NADA) average trade-in value to reduce the outstanding balance. Ford will also waive an additional $15,000. Any difference in value will be the responsibility of the customer. The customer is also responsible for any late or deferred payments, as well as any vehicle damage.
Ford vehicle return eligibility limited
Models eligible include 2019, 2020, and 2021 new, used, or Certified Pre-Owned (CPO) models purchased or leased through Ford Credit. Vehicles must be for personal use only. Return coverage beings 30 days after the transaction is closed.
“Ford Credit has a long history of helping customers affected by all types of economic setbacks,” says Marion Harris, CEO, Ford Motor Credit Company. “Now, we want to make sure that everyone who is considering purchasing or leasing a vehicle knows that this assistance is available.”
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