Business & Tech

Ford Launches Debt Relief Program During Coronavirus Pandemic

Customers who lease or purchase a vehicle with Ford Credit financing and then lose their job can return the vehicle.

Ford has launched a new debt relief program allowing people who purchased newer model vehicles and then lost their job due to the coronavirus pandemic to return the vehicle.
Ford has launched a new debt relief program allowing people who purchased newer model vehicles and then lost their job due to the coronavirus pandemic to return the vehicle. (Shutterstock)

DEARBORN, MI — Ford is launching a debt relief program that provide some assistance to those who bought a newer model Ford vehicle and then lost their job during the coronavirus pandemic.

Under the new Ford Promise program, 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.

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“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,” said 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.”

The ad campaign, which launched Monday, focuses on supporting consumers eager to move forward, according to Matt VanDyke, director, U.S. Marketing.

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“Customers are realizing it might take a while for things to completely feel normal again, if in fact, they ever do," he said.

Ford said in a news release that research from Cox Automotive shows 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 said. “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.”

The program offers a simple solution to those who experience an involuntary job loss and are unsure how to meet their payments. Enrollment is open through Sept. 30.

“Ford Credit has a long history of helping customers affected by all types of economic setbacks,” said 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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