We’re in a weird place right now. Between job losses, closures, and cut backs, many Americans aren't sure they should be making big purchases right now. This has caused somewhat of an issue for car dealerships. To help alleviate this, Ford is offering Ford Promise, a return program for new models.
According to the automaker, if a buyer purchases and leases a new car through Ford Credit, they will be able to return the vehicle with no strings attached. This is intended to be a relief of debt from people that may experience sudden job loss.
It’s important to note that the buyer may not be entitled to a full refund, so money put toward the vehicle would be, in a sense, lost. Ford explained that they will use the National Automobile Dealers Association Average trade in value for the vehicle, reduce the remaining debt by that figure, as well as an extra $15,000 if that doesn't cover the rest.
By this system, a new buyer might not have their entire debt removed, especially if the vehicle is on the newer side. This is somewhat limiting, since the Ford Promise program only covers the buyer for 1 year after purchase.
In our opinion: if you're worried about financial stability but still need a vehicle, you shouldn’t be leasing a new car. There are plenty of mid and late 2000s models that cost a fraction of a new car while performing perfectly well.
Enrollment for Ford Promise runs until September 30.
Ford Announced Return Program for New Buyers Amid COVID Concerns
Posted By: LizardRock | 0 Comment(s) Posted On: Jun 30, 2020 @ 05:04 PM