With all of the uncertainty facing millions of Americans today as they wait to hear whether they are up for rehire or whether their jobs are gone for good, at least one automaker has stepped up to support its vehicle owners and lessees.
Ford Promise Gives Customers Peace Of Mind
Ford Motors is providing peace of mind to its customers who may be nervous about buying or leasing a new or used vehicle in today's unsettled economic climate. The program allows the customer to return the vehicle in case of job losses within the first year.
Says Mark LeNeve, vice president of U.S. marketing, sales, and service, "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. We want them to know we understand that, and we're here to support them in their buying decisions."
To that end, the automaker has established the Ford Promise program, customers who lease or purchase a vehicle with Ford Credit financing and who may then lose their job within a year can return the vehicle.
Ford Promise Uses Standard Tools
Ford Credit will value the vehicle using the National Auto Dealers Assn. (NADA) average trade-in value, reduce the customer's outstanding balance by that amount and wave up to an additional $15,000. The customer is responsible for any difference remaining. Besides, the customer is responsible for any late or deferred payments due and vehicle damage. Once the customer meets the conditions, Ford reports the account as closed and paid.
The national ad campaign broke earlier this week. It focuses on supporting consumers eager to move forward, says Matt VanDyke, director, U.S. marketing. "Customers are realizing it might take a while for things to completely" return to normal if they ever do.
Research from Cox Automotive indicates that at least 32 percent of potential customers are delaying automotive purchases, citing market uncertainty and fears of unemployment.
Ford Promise Gives Customers Needed Support
"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." Enrollment is open through Sept. 30. The program offers a simple solution to those who experience an involuntary job loss and are unsure how to meet their payments.
Other details include:
- The program covers 2019, 2020, and 2021 new, used, or leased vehicle, and certified preowned vehicle financed through Ford Credit.
- Vehicles must be for personal use only; commercial use contracts are ineligible. This initiative is the latest program by Ford that supports customers who may have been affected by the COVID-19 pandemic.
- The complimentary program beings 30 days after the vehicle purchase.
Marc Stern has been an auto writer since 1971. It was a position that filled two boyhood dreams: One was that I would write, and two that I write about cars. When I took over as my newspaper's auto editor, I began a 32-year career as an automotive columnist. There isn't much on four wheels that I haven't driven or reviewed. My work has appeared in Popular Mechanics, Mechanix Illustrated, AutoWeek, SuperStock, Trailer Life, Old Cars Weekly, Special Interest Autos, and others. Today, I am the Ford F150 reporter for Torque News. I write how-to and help columns for online sites such as Fixya.com and others. You can follow me on Twitter or Facebook. My stories can be
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