Ford rolled out its version of the Hyundai Assurance plan Tuesday. Ford will cover car loan payments up to $700 for up to 12 months on any new Ford, Lincoln or Mercury vehicle if customers lose their jobs. The new incentive starts today and runs through June 1.
Named the Ford Advantage Plan, it also offers customers 0% financing through Ford Motor Credit on select Ford, Lincoln and Mercury vehicles. Unlike Hyundai’s plan, Ford will not take your car back after the 12-month coverage period if you still can’t make the auto loan payments.
In a press release from Ford, the automaker says it is also working with its dealers to introduce a local charity support program.
"Consumers remain anxious about the economy and their own outlook for the future,” said Ken Czubay, vice president of sales and marketing. “We at Ford want to do our part to rebuild faith in the marketplace by offering payment protection on every new Ford, Lincoln or Mercury vehicle for up to a year if our customers lose their jobs."