- Ford Credit announced that it would offer relief to customers affected the COVID-19 coronavirus outbreak.
- Ford Credit is the automaker’s captive-lending arm, arranging financing for customers who buy or lease Ford vehicles from dealers.
- Ford Credit encouraged stressed customers to contact the company to discuss payment delays.
- Ford Credit also said that buyers of new vehicles could choose to delay the first payment for up to 90 days.
Ford Credit, the automaker’s captive-lending arm, announced on Monday that it would extend support to customers affected by the COVID-19 coronavirus outbreak.
“Ford is committed to lending a hand to the people who rely on us,” Mark LaNeve, Ford’s vice president of 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.”
Placing the decision in the context of prior efforts to help customers at times of local and national disasters, Ford directed customers to their “Account Manager profile either online at accountmanager.ford.com or through the FordPass app” maintained by the company.
Customers were also directed to “visit fordcreditsupport.com or call a special hotline – 1-800-723-4016 – to discuss options” for potentially delayed payments
Ford Credit also said it would enable new buyers to delay their first payment for 90 days, if they choose that option.
“We want to make sure that anyone who needs assistance knows it’s available,” Ford Credit CEO Marion Harris said in a statement.
GM and Hyundai also offer assistance
Hyundai Motor North America and Hyundai Capital also said last week in a statement that it would “make up to six months of payments for new owners who lose their jobs and have purchased or leased their vehicle between March 14 to April 30, 2020 through Hyundai Capital.”
The carmaker added, “Additionally, for select new purchases through April 30 financed by Hyundai Capital, Hyundai is deferring payments for 90 days at the customer’s request.”
The program is called “Assurance Job Loss Protection” and was originally used during the financial crisis.
“Originally conceived in January 2009 … the Hyundai Assurance Job Loss Protection program was the first of its kind for an automaker in the US,” the company noted. “It reinforced Hyundai’s commitment to helping its customers by allowing them to return their vehicle if they lost their job. Today, the program provides six months of payment relief.”
GM Financial offered assistance to customers, directing them to several resources at a dedicated coronavirus site.