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buying Ford's buyback program adds a safety net for buyers during coronavirus crisis

21:53  30 june  2020
21:53  30 june  2020 Source:   autoblog.com

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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.

a car parked in a parking lot

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.

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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.

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Ford's buyback program adds a safety net for buyers during coronavirus crisis originally appeared on Autoblog on Mon, 29 Jun 2020 12:53:00 EDT. Please see our terms for use of feeds.

Collapse of air traffic: Rolls-Royce will cut "at least" 9,000 jobs .
© AFP The Rolls-Royce engine manufacturer, which has already reduced its workforce by 4,600 people since 2018, will cut "at least "9,000 jobs due to the crisis in the airline industry. Handled by the collapse of air traffic linked to the Covid-19 pandemic, the British aircraft engine manufacturer Rolls-Royce announced on Wednesday the abolition of "at least" 9,000 jobs. Bad news keeps coming for jobs in the aeronautics sector.

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