The Ford Promise program provides some peace of mind for new Ford customers.
Any money-smart person knows how important it is to save for a rainy day. Life happens and it's always good to have something extra put away for when your plans go awry. But when a financial disaster on the scale of the coronavirus hits, even the most astute consumer is at risk.
Ford has stepped up in a big way by now allowing some customers who have unexpectedly lost their jobs to return their vehicles within a year, subject to certain conditions. Volkswagen earlier introduced its own relief plan. The Ford Promise relief program applies to customers who have purchased or leased a vehicle via Ford Credit and includes 2019, 2020, and 2021 model year cars.
Ford obviously hopes that the new program will boost sales amid an uncertain market. "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," commented Mark LaNeve from Ford, the vice president, US marketing, sales and service.
Of course, the Ford F-150 is the top-selling model in the country and others like the Ford Explorer sell strongly, too, so the program could benefit thousands who may be delaying buying a new car. However, consumers looking to take advantage should take note of the qualifying criteria, including that the job loss must be involuntary (resignations don't apply) and should only have taken place following the purchase of the vehicle.
Applicants must also have been employed in a position that required at least 30 hours of work per week. Upon returning a vehicle, Ford will value it according to the NADA Official Used Car Guide and then lower the outstanding balance by whatever this amount is. An additional waiver of up to $15,000 then applies. Following this, the customer is liable for the balance that remains. However, customers may also have to cover any repair costs and late/deferred payments. The offer doesn't apply to customers in Oregon and New York.
This isn't the first time Ford has assisted customers during an extraordinary situation, and we're sure that it will come as a massive relief for anyone who loses a job and can no longer afford to keep their vehicle. The Ford Promise program runs until September 30.