Update 3/25 the deferred payments come with a major glitch according to our readers—-a 30% interest charge on each differed payment.
“Ford is committed to lending a hand to the people who rely on us,” said Mark LaNeve, vice president, U.S. marketing, sales and service. “The peace of mind of our Ford and Lincoln customers is our top priority as we work through the developments of this outbreak.”
Ford Credit has long helped customers impacted by local and federal disasters. Now, existing Ford Credit customers in the U.S. affected by COVID-19 who purchased or are leasing vehicles are encouraged to contact Ford Credit to discuss options if they are having payment difficulty. For example, they may be able to change a payment due date or delay a payment.
Customers are encouraged to access their Account Manager profile either online or through the FordPass app; or hotline – 1-800-723-4016 – to discuss options.
In addition, Ford Credit is offering a program giving customers who buy new vehicles the option to delay their first payment for 90 days.
Ford Credit will launch an ad campaign beginning today to raise awareness of the new program.
“We want to make sure that anyone who needs assistance knows it’s available,” said Marion Harris, chief executive officer, Ford Motor Credit Company.
In addition, the Ford Motor Company Fund, Ford’s philanthropic arm, is providing assistance to nonprofit organizations meeting critical community needs.
As an initial step, Ford Fund is directing more than $500,000 to help nonprofit groups in southeast Michigan and will support delivery of food to senior citizens and to thousands of children who do not have access to school meals while schools are not in session.
The two Ford Resource and Engagement Centers in Detroit are serving as drive-up food pantry distribution centers. Ford Fund also is supporting Detroit-area nonprofits that provide shelter to families and other at-risk people. In addition, Ford Fund is exploring how employee volunteers can assist nonprofits that are short-staffed.
In other parts of the U.S., Ford Fund is redirecting funds to support food programs for children no longer in school. It also is launching an emergency aid program with the UNCF (United Negro College Fund) to help students with financial difficulties at historically black colleges and universities get home following the sudden closure of some of these institutions.
“We are immediately targeting resources to ensure that the most vulnerable people are being cared for during this unprecedented situation,” said Mary Culler, president, Ford Motor Company Fund. “We appreciate all that our nonprofit partners are doing and will continue to work with them to address critical needs in our communities as the situation evolves.”