Ford Paying for 12 Months of Car Payments If You Lose Your Job

Take that Hyundai! Ford announced this morning that it will cover up to 12 months of payments if you lose your job within nine months of buying any new Ford, Lincoln or Mercury vehicle. The payments could be up to $700 a month! If you get 0% financing for 60 months that means you could buy a $42,000 car and still get the full payment taken care of.

Unlike Hyundai’s Assurance Plus plan, the Ford plan will not include buying back the vehicle with no loss in equity. GM is also announcing an assurance plan this morning, which we will report on as soon as the details are available.

Ford’s plan, called the Ford Advantage Plan, will run through June 1. New cars coming out before June 1 include the Ford Fusion, Fusion Hybrid and Mustang. Lincoln’s new MKZ and Mercury’s Milan are also out now. It’s unclear if the new Ford Taurus and Lincoln MKT will be on sale before this deal expires. The new Ford F-150 could actually see the biggest sales boost with such a plan.

Comments

Wow, thanks Ford. It's refreshing to see a company stand behind their customers like this.

Kudos to Ford for replicating the Hyundai program. I currently don't own a Ford but have been impressed with their both turn around and product pipeline. This is a great example of capitalism working for the consumer.

LOL Damien.

Also, Ford and GM didn't come out with this untile report from Hyundai declared that NO ONE used that program yet.

And in the case with GM... Aren't they living of bail out money?

Tony,
I think the Hyundai sales success was what spurred them to do it. Supposedly we're still waiting for the Hyundai plan to kick in fully with full figures from March. But yeah, it seems like a good idea to help sure up consumer confidence which is pretty low.

do the car manufacturers have any way to ensure that people really lost their job before giving them free payments? it might be worth it for some to take a leave of absence just to get a year of free payments...