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Ford's limited-time program allows buyers to return new cars if they lose their jobs within a year

Ford's limited-time program allows buyers to return new cars if they lose their jobs within a year
Posted at 8:37 AM, Jun 29, 2020
and last updated 2020-06-29 09:15:15-04

Ford Motor Company has launched a new program that will allow customers who buy a new car to return the vehicle if they lose their job within a year of the purchase.

"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," Mark LaNeve, Ford's vice president of U.S. marketing, sales and service said. "We want them to know we understand that, and we're here to support them in their buying decisions."

Under the "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 covering any remaining balance.

In addition, the customer is responsible for outstanding late or deferred payments and any vehicle damage. Once those conditions are met, the account is reported as closed and paid.

Enrollment for the Ford Promise program is open through Sept. 30.

According to Matt VanDyke, Ford's director of U.S. marketing, the ad campaign focuses on supporting consumers eager to move forward.

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

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.

This story was originally published by WXYZ in Detroit.