Coronavirus leads Ford to launch job-loss return policy
American car giant starts yearlong return program, Ford Promise, for customers unsure of job security
Ford has launched an extended return policy for drivers who may lose their jobs.
The new program will be known as “Ford Promise” and will cover customers who purchase or lease a vehicle through Ford Credit, the brand’s financing initiative, according to a Monday press release. In the event that a customer loses their job within the first year of owning their new vehicle, Ford will accepter the return. Up to $15,000 will be applied to the credited balance.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 10.98 | -0.15 | -1.35% |
“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, Ford's 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.”
Ford Credit will apply the average trade-in value denoted by the National Automobile Dealers Association. Returned vehicles that exceed $15,000 in value will require customers to pay the remaining difference.
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Additional customer responsibilities include late or deferred payments and vehicle damage.
When the balance is paid, the credited account will be closed.
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Once the conditions are met, the account is reported as closed and paid. The program applies to personal vehicles released for 2019, 2020 and 2021. Commercial vehicles are not eligible.
The coronavirus pandemic was Ford’s motivation for launching the yearlong return program, which has open enrollment until Sept. 30, according to the company’s release. Moreover, "complimentary protection" is being applied 30 days for customers who purchase or lease a Ford vehicle under the credit program.
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This news comes the same day auto service organization Cox Automotive reported that auto sales are down 24.2 percent for the first half of 2020 compared to the previous year, which was achievable through “aggressive incentive spending.”