Ford launches debt relief program during coronavirus pandemic

DEARBORN, MI — Ford is launching a debt relief program that provides relief to those who purchased a new model Ford vehicle and then lost their jobs during the coronavirus pandemic.

Under the new Ford Promise program, customers who lease or purchase a vehicle with Ford Credit financing and then become unemployed within a year can return the vehicle. Ford Credit will appraise 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 remaining difference. In addition, the customer is responsible for late or deferred payments due and damage to the vehicle. Once the conditions are met, the account is marked as closed and paid.

“We feel like right now the economy is in the recovery stage where people want things back to normal, they want to buy, but they’re still a little nervous about what the future holds,” said Mark LaNeve, vice president. president, marketing, sales and service in the United States. “We want them to know we understand that, and we’re here to support them in their buying decisions.”

The advertising campaign, launched on Monday, aims to support consumers eager to get ahead, according to Matt VanDyke, director of US marketing.

“Customers are realizing that it may take some time for things to get completely back to normal, if in fact they ever do,” he said.

Ford said in a press release that Cox Automotive research shows that at least 32% of potential customers are delaying auto purchases, citing market uncertainty and unemployment fears.

“They need our support now more than ever,” VanDyke said. “And it’s here, in an offer that applies to new and used vehicles leased through Ford Credit. It just goes to show there’s no better place to shop than at a dealership. Ford.”

The program offers a simple solution for those experiencing involuntary job loss and unsure how to meet their payments. Registration is open until September 30.

“Ford Credit has a long history of helping customers affected by all types of economic setbacks,” said Marion Harris, CEO of Ford Motor Credit Company. “Now we want to make sure that anyone considering buying or leasing a vehicle knows this help is available.”

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