- Ford will pay three months’ payments, defer three more
- Buyers of new 2019 or 2020 models are eligible
- Vehicles must be financed through Ford Credit
- All models included except for 2020 F-series Super Duty pickups
The coronavirus and the measures taken to combat its spread have thrown many people out of work or greatly reduced their income. In response, automakers have introduced programs to temporarily alleviate the burden of car payments for those buyers who may be affected. Ford has announced a new program called “Built to Lend a Hand,” with relieves buyers of up to six months’ worth of new-car payments.
Specifically, Ford offers to waive payments for three months, meaning the company picks up the tab. It additionally defers three monthly payments, meaning those payments go onto the end of the term. Customers skip six monthly payments in total. The program is for buyers of new 2019- or 2020-model cars and trucks. Eligible models include all Ford vehicles except for the 2020 F-series Super Duty pickup. Buyers must finance their purchase through Ford Credit.
Payment deferrals case-by-case
Existing owners with Ford Credit loans financially hurt by the COVID-19 virus may reach out to the company’s finance arm “to discuss options” including possible deferral of payments. These accommodations are on a case-by-case basis.
Ford is incentivizing dealers to deliver newly purchased vehicles to customers, so they don’t have to come into a dealership. The company also says that many of its dealers “will work with customers on remote vehicle delivery” for service. A program that requires “new disinfection procedure guidelines” for customer cars is also in effect.
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