Ford Promise Program

[jsphlynch]

A story came across my google news feed this morning about a new program called Ford Promise. In essence, they're trying to keep peoples' anxiety about current job security from preventing them from pulling the trigger on a purchase, and so they're offering to buy back any vehicle purchased or leased through Ford Credit for up to a year after purchase in the event of job loss.

More information about the program can be found straight from the horse's mouth here.

If you think you may take advantage of this program, make sure you understand the details. For example, there's a coverage limit of $15,000 (meaning they will cover up to $15,000 more than trade-in value of the vehicle they buy back).

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[Zaph]

I think there's better options out there than just losing your truck and the money you've put into it so far. With that option you're basically just throwing your money away to Ford.

You can buy loan insurance that will make your payments while you are unemployed. Credit involuntary unemployment insurance pays a specified number of monthly car loan payments if you lose your job during the coverage term through no fault of your own, such as in a layoff. It's also known as "involuntary loss of income" insurance.

During a time like this, it might be a good thing to have. The thing is, I have to wonder if that type of insurance has gotten stupidly expensive or even unavailable because of an unemployment level that was beginning to get near Great Depression levels at this point. I don't know.

 

[2019hotpepper4x4]

I would think that insurance of that type would be ungodly expensive in the current situation.

 

[Augie81]

I would think that insurance of that type would be ungodly expensive in the current situation.

Plus most lenders seem to be offering some forgiveness and grace periods these days due to Covid-19. In the event of not being able to make payments due to job loss I would think it is probably better to call Ford Financing or the lender you used and try to work something out before pulling the trigger on the buy back program.

But as the OP it seems the program is to help people that are concerned about their job security to decide to buy. Thus the buy back for a year thing. I don't know, I have many times in my life been in situations where my job and income wasn't secure. The last thing on my mind during those times was financing a new car or increasing any other debt. But maybe that's just me.

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