- Ford announced a program, Ford Credit Support, that will provide assistance to new-vehicle buyers as well as owners with current Ford Credit loans or leases.
- For new-vehicle buyers, the first payment can be delayed by up to 90 days, while current owners may be able to change a payment due date or delay payment.
- The decision comes as part of Ford’s response to the COVID-19 pandemic.
Ford Credit, the financial services branch of the Detroit-based automaker, announced today that it is offering payment relief to buyers for new-vehicle loan or lease payments. The move comes as the economic threat of COVID-19 continues to grow.
Ford’s plan for payment relief impacts owners who owe Ford Credit for a lease or purchase, as well as new-vehicle buyers. For those in the former group, Ford says that customers impacted by COVID-19 should contact Ford Credit and “may be able to change a payment due date or delay a payment.” New-vehicle purchasers are given the option to delay their first payment by up to 90 days. Customers are told to contact the Ford Credit Support website for details.
“Ford is committed to lending a hand to the people who rely on us,” Mark LaNeve, vice president of U.S. marketing, sales and service, said in a statement. “The peace of mind of our Ford and Lincoln customers is our top priority as we work through the developments of this outbreak.”
Ford is the second automaker to roll out such a program. Late last week, Genesis and Hyundai also announced a program offering deferred payments for new-vehicle buyers of either brand, with some caveats.
Ford additionally announced that it would be donating $500,000 in southeastern Michigan to help provide meals to senior citizens as well as to children who depend on meals served at schools. The state’s public schools are closed through April 5.