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Ford Coronavirus Financial Relief and New Car Incentives

Though the world is collectively working together to flatten the curve the Coronavirus pandemic, the economic backlash resulting from the virus has been profound. As a result, Ford Motor Company has created a set of initiatives designed to help customers purchase new vehicles and provide assistance to communities affected by COVID-19.

Ford Coronavirus Financial Relief and New Car Incentives

And although efforts continue to slow the spread of the virus, the global economy has waned, with commerce grinding to a screeching halt as shelter-in-place orders continue to be extended. The pandemic comes at a time when the auto industry as a collective was celebrating one of the best February sales months in years.

Ford joins the growing list of automotive companies who have begun instituting numerous initiatives intended to help to answer consumer needs and provide relief to customers in response to this crisis. Here is an outline of the Ford Coronavirus financial relief programs and new car incentives offered by the automaker.

Ford Customer Relief Programs - Find the best deals!

Ford is aware that some of its current customers may encounter unexpected difficulties in making their monthly loan or lease payments. Sudden business closures around the nation have resulted in the abrupt, unexpected layoffs of millions of Americans. This sudden loss of income puts recent car buyers in a precarious situation when it comes to making their on-time monthly payments. To help assist those affected by the COVID-19 pandemic, the automaker is encouraging existing Ford Credit customers in the U.S. to get in touch with the company to begin exploring their options.

To be eligible for changes or payment schedules, customers are must have purchased or leased their vehicles through Ford Credit. The company says payment options and schedule changes will be considered on a case by case basis. To help expedite the process during the pandemic, Ford Credit has created a special hotline for discussing these options. They can be reached at 1-800-723-4016. Customers also have the option to reach out to an account manager at accountmanager.ford.com or directly through the FordPass app.

Marion Harris, chief executive officer, Ford Motor Credit Company said the automaker ‘wants to make sure that anyone who needs assistance knows it's available.”

Ford and Lincoln customers who financed or leased vehicles with another lender are encouraged to contact your lender institution directly in order to discuss options around payment relief and other incentives. Many are offering similar relief in response to COVID-19.

 
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Ford New Car Incentives - Find the best deals!

Though substantial efforts are being invested in providing relief to consumers around payment deferments and other sources of relief, Ford and Lincoln dealers told Ford Motor Company the most pressing need for steadying sales is payment support for potential new customers; those whose economic fortunes have abruptly changed in the wake of the Coronavirus.

Continuing their efforts to both relieve their current customers and incentivize a currently tepid consumer market, Ford Motor Company created the "Built to Lend a Hand" program. The program offers customers leeway with the ability to defer their initial payments up to six months.

Additionally, Ford will pay the equivalent of three months of car payments under the terms of the new Coronavirus Car Payment Plans, with customers having the option to defer their first payment for up to three months and a total of six months. This program is available to eligible new car buyers who purchased new 2019 and 2020 model year vehicles, excluding the Ford 2020 F-Series Super Duty. In order to qualify, customers must have financed their vehicle through Ford Credit.

Ford Motor Company is also offering additional financial assistance to help Ford and Lincoln dealers pickup of trade-ins and perform deliveries of new vehicles at a customer’s home or office as a further incentive.

Ford Factory Closures - Find the best deals!

A senior spokesperson from Ford Motor Company recently told J.D. Power that the company has suspended or is currently in the process of suspending operations at every Ford plant worldwide. China is currently the exception, where factories and other facilities were temporarily shut down in response to COVID-19 but are beginning to reopen as the country starts to move forward from the crisis, he said. The suspension of manufacturing operations has left about 55,000 North American workers stagnant.

But it isn’t just workers in North America who have been affected. Thousands of workers in Europe, including Great Britain and South America, have also found themselves temporarily out of work due to the pandemic. Ford also recently announced it was suspending manufacturing operations in South Africa, India, Vietnam, and Thailand.

T.R. Reid, Ford's Director of corporate and public policy communications, told J.D. Power that “the primary motivations, like for other actions we've taken across the company in the past several weeks, are simple: protecting the safety and well-being of our people and helping to limit the spread of the coronavirus in communities where we operate,"

Ford Economic Outlook & Sales Forecast - Find the best deals!

As a result of the unknown and uncertain future that awaits both businesses and working Americans, Ford spokespeople are currently unwilling to discuss the overall outlook of the auto industry or that of the Ford Motor Company itself.

"For competitive and other reasons, we have not provided specific commentary about the effects of the coronavirus on global or national economies, nor on Ford's business," a Ford spokesperson told J.D. Power.

It may be assumed that the best-case scenario strongly suggests a major shortfall in comparison to 2019 sales. However, there are some factors that may provide a ray of hope for both automakers and consumers. Vehicles are considered durable goods and they have historically demonstrated the ability to recoup lost sales resulting from short-term disruptions in the market. As a result, the auto industry may be one of the most adept industries when it comes to rebounding from the virus-related sales disruption. Of course, the extent and speed of the recovery will be directly influenced by the overall economic environment following the pandemic.

Notably, J.D. Power states that its 2020 outlook of 16.8 million U.S. light-vehicle sales - an outlook projected before the globe was ravaged by the Coronavirus - is no longer realistically attainable. J.D.Power expects that sales will likely fall in the range of 14 to 16 million units as a result of the fallout from COVID-19.