What Is Ford Promise?
Under the new Ford Promise program, customers who lease or purchase a vehicle with Ford Credit financing and then experience involuntary unemployment or self-employed bankruptcy 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 any difference remaining. In addition, the customer is responsible for any late or deferred payments due and vehicle damage. Once the conditions are met, the account is reported as closed and paid.
Ford Promise – How Does It Work?
In the event of involuntary job loss of the primary buyer/lessee named in the contract, the customer can return the vehicle as long as they receive or qualify for state unemployment benefits. In the event of self-employed personal bankruptcy of the primary buyer/lessee, the customer can return the vehicle as long as they file a bankruptcy petition or have a bankruptcy petition filed against them and they were self-employed up until the time of the filing.
Required Employment: Minimum 30+ hours a week with single employer, minimum 12 weeks within recent 17 consecutive weeks to qualifying event (12-months for self-employed bankruptcy).
Coverage Duration: Coverage term is 12 months from the date of purchase or lease.
Eligibility For A Vehicle Return
- Have purchased or leased a 2019/2020/2021 model year new, used or CPO vehicle through Ford Motor Credit at a participating Ford dealer from 6/26/2020-9/30/20
- Have a qualifying involuntary job loss subsequent to vehicle purchase
- Apply and be approved for state unemployment benefits and notify the Claims Administrator within thirty (30) days of qualified involuntary job loss
- Minimum 30+ hours a week with single employer, minimum 12 weeks within recent 17 consecutive weeks to qualifying event (12-months for self-employed bankruptcy)
Vehicle Return Coverage
- Maximum coverage is $15,000 per transaction
- Customer is responsible for remaining balance
- Excess mileage, wear and tear, and other restrictions and fees may apply
- Excludes fleet
Mark LaNeve, vice president, U.S. marketing, sales and service for Ford says:
“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, we want them to know we understand that, and we’re here to support them in their buying decisions.”
As of 7/23/2020: Available on 2019/2020/2021 New vehicles, Used and CPO vehicles, financed or leased for personal use through Ford Credit at participating Ford dealers from 6/26/2020-9/30/2020. Excluded in OR and NY. Excludes APP leases, Ford Options program, and Seasonal Retail Payment Plan. Customer must have a qualifying involuntary job loss 31- 365 days after vehicle purchase or lease, be eligible for state unemployment benefits, and provide proper notification within thirty (30) days of qualified involuntary job loss. Maximum coverage is $15,000 per vehicle. Additional fees and restrictions may apply. See dealer for complete program details or visit www.ford.com/promise.