As we all know, we are currently in the midst of a very uncertain and unprecedented time in history. That being said, many are in need of extra help now more than ever before. Knowing this, Ford Motor Co. is now providing a new offer called “Ford Promise” that allows customers to easily return vehicles within their first year of ownership in the event that the owner loses their job due to COVID.
Mark LaNeve, Ford’s VP of U.S. marketing, sales and service explained that although many feel secure in their jobs right now, there is still a lack of confidence at large in the workforce. The Ford Promise program is there to help with that.
Using the National Automobile Dealers Association (NADA), Ford Credit will reference the average trade-in value of the particular vehicle. If the customer does become unemployed, their outstanding balance will be reduced by the referenced amount with up to an additional $15,000 also available to be waived. The customer will then be responsible for the remaining difference and any damage or late fees incurred during their period of ownership, as well.
Other terms of the Ford Promise Program are such that the plan only covers 2019, 2020 and 2021 purchased or leased new, used and certified pre-owned vehicles financed through Ford Credit. Vehicles must also be for personal use only and commercial contracts are therefore ineligible. And finally, the complimentary protection begins 30 days after vehicle purchase or lease.
This program is one of many that Ford has developed to provide customers peace of mind during times of economic instability. We may not have the power to predict the future, but it’s nice to know that we’re in good hands until we get there.