As the situation is affected by coronavirus pandemic and many automakers are helping consumers by COVID-19 car assistance programs, they all have offered it during the mid of pandemic. Ford is also helping its consumers, for more support it has launched its buyback program. It is to drive away from the fear of not being able to make car payment due to job loss.
The program that Ford is offering is called Ford Promise initiative. In this program, if you buy a new Ford and you lose your job within a year the company will buy the car from you at the average trade-in value. If you have made all payments before the buyback and the difference value doesn’t exceed $15,000, ford will accept the car and the debt will be considered paid, if you haven’t made all the payments and the value exceed $15,000 then you have to pay the excess amount and the payments you missed.
This program is valid up to 30 September 2021, any new Ford between the years 2019 to 2021 are eligible for this program. Only personal vehicles are eligible for this offer and it is only for consumers who take financing through Ford Credit, either leasing or buying both are eligible for this offer. Personal vehicles can be new, used or certified pre-owned. Customers whose job loss occurs between 31 days to 365 days of purchase are eligible. A customer has to provide proper notification within 30 days of job loss.
The dealers in all states except ME, ND, NV, NY, OR and UT, eligible customers will execute a Ford Promise Addendum at the time of purchase or lease and dealers in ME, ND, NV and UT, eligible customers will receive an Insurance Certificate mailed to them by the Insurance provider and Dealers in New York and Oregon are excluded from the Program at this time. Not only job customers are eligible self-employed are also eligible if bankruptcy occur.
People want to buy but they are nervous about the future that’s why this program is here to help all the potential customers. This is not the first time automaker is helping, earlier it offered Ford Credit support program that allows eligible new car customer in the U.S. to defer payments up to 90 days.