Ford says buyers of new cars who've lost their job within a year of purchasing their new vehicle may be eligible to return that car back to the automaker. Ford announced the program Monday.
The program applies to 2019, 2020, and 2021 model-year vehicles purchased or leased through Ford Credit until Sept. 30.
If the new buyer loses his or her job, Ford says the vehicle will be valued using the National Automobile Dealers Association average trade-in price, and that amount will be applied to the balance of the loan. Ford says it will waive up to $15,000 above that amount, and the buyer would be responsible for the remainder amount.
Buyers would be responsible to pay for any damage to the vehicle or to repay any deferred payments while they owned the car. Once those conditions are met, the account will be closed.
New-car buyers will be automatically enrolled in the program 30 days after their purchase.
“We feel like right now, the economy is at the stage of recovery where people want things to be back to normal, they want to buy, but they’re still a little nervous about what the future holds,” Mark LaNeve, vice president, Ford U.S. marketing, sales and service, said in a statement.