Ford Launches 1-Year Return Policy for Car Buyers Amid Uncertainty COVID-19

Buy a new car probably not a priority like economic uncertainty start baking in the middle of the coronavirus It was, but Ford’s latest show hopes to put some of those fears to rest.

Entitled Ford Promise, the US automaker said on Monday it will allow new car buyers and renters who finance through Ford Credit to return a vehicle without condition should they lose their job. No, buyers will not be guaranteed a full refund, but the burden of debt will be removed, should the worst-case scenario occur.

Drilling down into the details, Ford said it will value any car based on the average interchange value of the National Association of Automobile Dealers, reduce the amount of a customer owed by the NADA figure, and then give up an additional $ 15,000. If a balance remains after assistance, the buyer or tenant will be liable, but still, it is expected to be a fraction of the original loan or lease amount.

Enrollees should also know that they will be responsible for late payment charges and deferred payments arranged through Ford Credit. However, once everything is squared, Ford will report the account paid and closed, without derogatory marks.

Some other important details for stakeholders: Ford Promise will only cover buyers for a full year after 30 days of initial purchase. Therefore, if you buy a car today and lose your job on Friday, the program will not apply. After the 30-day period, owners and tenants will see the active benefits.

Anyone who purchases or leases a new or used 2019, 2020 or 2021 Ford vehicle will have the benefits of Ford Promise at their disposal; registration lasts until September 30.