Under the terms of a new financing program called the Ford Promise plan, if a buyer loses his job within a year after buying a new Ford vehicle, he can return it. Ford Credit will pay the difference between the value of the car at that time and what the customer still owes, up to $ 15,000.
There are numerous restrictions, of course. For example, the job loss cannot be within 30 days of signing the purchase or lease agreement and must be involuntary. Independent Ford buyers can take advantage of the program if they are forced to file for personal bankruptcy.
Offer applies only to those vehicles purchased or leased on June 26, 2020 or later. It does not apply to vehicles purchased or leased before that date.
Some automakers, like Hyundai, are offering deferred payments for a few months for customers who lose their jobs due to coronavirus-related shutdowns. Tesla offers a seven-day return policy on your cars and SUVs for any reason.
Ford’s new program appears to be the only one that could allow a customer, in the event of a job loss, to abandon the sale without paying anything after such a long period.
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