A lot of people are worried about their financial future right now in the uncertain times forced upon us by the COVID-19 pandemic that refuses to loosen its grip. That can make the proposition of buying a vehicle, either new or used, even more daunting. So Ford is providing some peace of mind with its new “Ford Promise” program. It allows eligible buyers who purchase a 2019-2021 model-year new or used vehicle through Ford Credit to return the vehicle if they lose their jobs within the year. Customers will be covered for up to $15,000 of their remaining balance. Enrollment is open through Sept. 30.
“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.”
Note, the Ford Promise program applies to personal use only. Commercial use contracts are not eligible.
How It Works
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.
“Customers are realizing it might take a while for things to completely feel normal again, if in fact, they ever do,” says Matt VanDyke, director, U.S. Marketing.
Ford points to research from Cox Automotive that 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.”
A few other details provided by Ford include:
- 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 complementary protection begins 30 days after vehicle purchase or lease.
- Not available in Oregon or New York
- Excess Mileage and Wear and Tear and other restrictions and fees may apply.
- Consumers must apply for and be approved for state unemployment benefits and notify the claims administrator.
For more fine print, visit Ford Promise