Multiple automakers have launched programs in the midst of the coronavirus pandemic to offer assistance to people that buy new cars, but might or already have lost jobs. Most of these programs involve deferring payments if the buyer loses their job. Now Ford is offering a program where they’ll buy back the car entirely in the event of job loss.
It’s called the Ford Promise Initiative. If you just bought a new Ford and you lose your job within a year, the company will buy the car back for the average trade-in value. As long as you’ve made all your payments until the buy back, and the difference in vehicle values doesn’t exceed $15,000, the car goes back to Ford and the rest of the debt is considered paid. If you do have any late payments or the difference in value exceeds $15,000, you’ll have to pay that excess as well as the payments you missed.
The program is available until September 30, 2020. Any new 2019 to 2021 Ford purchased then will be eligible for a buyback 30 days after purchase. The program only applies to personal vehicles, not commercial vehicles or vehicle used for commercial purposes. All customers who finance their vehicle through Ford Credit, either for leasing or owning will be eligible for this program.