With employment uncertainty continuing in the wake of COVID-19, Ford is offering a new program that offers buyers the option to return the vehicle if they lose their job in the next year.
“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.”
Buyers of the 2020 Ford Escape Hybrid are eligible for the program.
Photo courtesy of Ford Motor Company
The new Ford Promise program extends to customers who lease or purchase a vehicle with Ford Credit financing and then lose their job within a year.
Here’s how it works.
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.
Additionally, 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 complimentary protection begins 30 days after vehicle purchase or lease.
An ad campaign launches today supporting the program.
Enrollment is open through September 30.
Ford is a on a roll introducing new product this year. We’ve already seen the next-generation Ford F-150. The Ford Bronco will be revealed July 13 and we can expect to see the Bronco Sport soon as well. The Ford Mustang Mach-E is ramping up for production and the company recently announced the introduction of new hands-free driving technology.