Ford Advantage Plan guarantees job loss protection for new vehicle loans
It isn't even noon yet here in Detroit, but already it's been a busy day thick with bailout fallout and new consumer loan guarantee programs introduced by General Motors and the Ford Motor Company.
The Blue Oval has just unveiled its new Ford Advantage Plan, which can be thought of as a riff on Hyundai's much talked about Assurance Program. Ford's new initiative will cover payments of up to $700/month for up to 12 months on any new Ford, Lincoln, or Mercury vehicle if the loan holder loses his or her job.
We hope to learn more specifics about the program soon (conditions/exclusions, etc.), but for now, the program takes effect immediately and runs through June 1. Buyers will be able to take advantage of the program as well as a new round of zero percent financing offers through Ford Motor Credit.
As part of the announcement, Ford is also preparing a new dealership-level assistance program "to assist local charities impacted by the economic downturn," the details of which will be announced in April. Official press release after the jump.
[Source: Ford Motor Company | Image: Bill Pugliano/Getty]
PRESS RELEASE:
FORD INTRODUCES BEST-IN-INDUSTRY PLAN TO IMPROVE CONSUMER CONFIDENCE, JUMP-START VEHICLE SALES
* Ford leads the industry in boosting consumer confidence with the new Ford Advantage Plan
* Ford will cover payments for up to 12 months on any new Ford, Lincoln or Mercury vehicle if customers lose their jobs
* 0 percent financing is also offered through Ford Motor Credit on select Ford, Lincoln and Mercury vehicles
* Ford also is working with its dealers to introduce a local charity support program
DEARBORN, Mich., March 31, 2009 – Ford Motor Company is introducing the most comprehensive program available to boost consumers' buying confidence and begin rebuilding the American economy with the new Ford Advantage Plan.
The plan gives customers another reason to "Drive One" with payment protection of up to 12 months on any new Ford, Lincoln or Mercury vehicle, 0 percent financing on select vehicles and added local charity support.
"Consumers remain anxious about the economy and their own outlook for the future. 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," said Ken Czubay, vice president of Sales and Marketing.
"Just as important is additional charity support we will provide in conjunction with our local dealers, who are mindful of how non-profit organizations are struggling during this economic downturn," Czubay said. "Ford and our dealers have always stepped up to take an active lead role in the community, and that's why we are also including a charity element as part of the Ford Advantage Plan."
Ford Commitment to Local Communities
In 2008, more than 18,000 Ford U.S. employees volunteered 100,000 hours to help people in their local communities – that's the equivalent of nearly $2 million dollars of in-kind corporate contributions. To continue the momentum, in April, Ford will introduce a program in partnership with its dealers throughout the country to assist local charities impacted by the economic downturn. Ford will announce complete details of this expansive community outreach effort in April.
All Ford, Lincoln and Mercury vehicles are covered under the Ford Advantage Plan. The program runs from today through June 1.
In addition to providing 12 months of payment protection of up to $700 per month, customers can take advantage of 0 percent financing on select Ford, Lincoln and Mercury vehicles through Ford's financing partner, Ford Motor Credit.
Additional Peace of Mind – Ford Quality, Safety and Fuel Efficiency
When selecting their next Ford vehicle, customers also can take comfort in knowing that Ford's newest vehicles are the best or among the best in fuel economy and cost of ownership.
The Ford Fusion and Mercury Milan are America's most fuel-efficient mid-size sedans, and the Fusion has a higher residual value than the Toyota Camry after three years of ownership, according to the Automotive Leasing Guide (ALG).
Ford maintains strong residual values throughout its product lineup. Vehicles with strong residual values retain more of their value at the end of their lease contract period. The 2009 Ford F-150 recently received a "Residual Value" award from ALG for retaining the highest percentage of its original price among 2009 full-size light duty pickups at the end of a conventional three-year lease, based on ALG projections. The Ford Escape has a 10-point residual value advantage versus the Chevrolet Equinox after three years of ownership, and the Ford Focus has the highest residual value of any domestic product in the small car segment.
"Ford's improvements in quality have contributed significantly to our year-over-year improvements in residual values," added Czubay.
In addition, Ford's quality is now on par with Toyota and Honda, and Ford continues to have more top safety picks than any other brand.
"This is the strongest product lineup we have ever offered," Czubay said. "When you combine these great products with payment protection, 0 percent financing and support for local charities, customers can feel confident about getting back into the market for a new car or truck."
# # #
Ford Motor Company
Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 213,000 employees and about 90 plants worldwide, the company's wholly owned brands include Ford, Lincoln, Mercury and Volvo. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford's products, please visit www.ford.com.
Reader Comments (Page 1 of 2)
wolverinejoe80 11:13AM (3/31/2009)
it's about time
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wolverinejoe80 11:14AM (3/31/2009)
Hyundai is a great model to follow
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Brn 11:52AM (3/31/2009)
Hyundai was just including something that your could already purchase for any vehicle.
If Ford implemented Chrysler's lifetime warranty, I'd buy two.
Sektor 12:28PM (3/31/2009)
Now people are copying Hyundai...
Oh, the irony...
jpm100 12:31PM (3/31/2009)
Its not the copying them that interesting. Its going after their customers that's the thing. Desperate times.
wolverinejoe80 11:15AM (3/31/2009)
Go Michigan! Go Ford!!
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wolverinejoe80 11:15AM (3/31/2009)
Little bro, beat UCONN!!
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izorro 11:21AM (3/31/2009)
Maybe I should buy a car now...If the government goes through with the scrapping incentive then I will take it as a yes.
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mapoftazifosho 11:21AM (3/31/2009)
That is Royal Oak Ford, and from what I can tell...a very recent shot.
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Egon 11:27AM (3/31/2009)
Well, Hyundai's plan is certainly a decent model to follow. And while past history is no guarantee of future results, the cost of this plan - in terms of claims, at least - should be minimal.
As a side note, they'll cover up to **$700** a month?!?! Man, I'm not trying to brag, but I drive some decent cars and I've never even come close to that. Yikes.
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Throwback 11:29AM (3/31/2009)
Have you seen the sticker on the Platinum F-150? My guess is $700 is no problem on a 45K truck and a buyer with poor credit.
geo.stewart 11:30AM (3/31/2009)
$35000, zero down will net you that ballpark.
my question on these is how does this work with self-employment, severance packages, how to track when you get a new job,...
Epyx 11:51AM (3/31/2009)
If you cant afford to make payment on a F150 PLT even after being laid off (having money in the bank) you probably should not be purchasing a $45K truck. Also, what kind of dumbass finances $45K. I am sure the $700 would still be a nice mitigation to the monthly nut.
Alex 12:22PM (3/31/2009)
My thoughts exactly, $700 a month is huge. If you are paying that much for a personal vehicle you are well out of your affordable range.
Matt 10:46PM (3/31/2009)
You guys get cars too cheaply over there if $700/month is considered a lot to be paying. Well that, and the exchange rate to Aussie dollars hasn't been good since the middle of last year...
abisairomero 11:27AM (3/31/2009)
i see... Ford is trying hard lately and looks in a good shape.
im not saying its the best company out there... but when you compare this to Chrysler or eve GM. i see a huge difference.
now all they need to do is focus on a Lincoln and mercury a lil more. i mean a MKZ hybrid hitting 41mpgs will put Lincoln "best in class".
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superman211 11:40AM (3/31/2009)
Definitely! They were cutting back to avoid the fate of GM and Chrysler about 2 years ago. Now they are in a MUCH better position than most auto makers, but they still need to regain consumer confidence after the crap they built in the 80s-early 90s. I think the Fusion hybrid is a truly great car. I'd actually buy one where as I'd never get a camry (shudders!) hybrid or an accord hybrid.
tankd0g 11:31AM (3/31/2009)
Every loan I get from my local Credit Union has this insurance anyway, I can't imagine it's going to entice too many people, except maybe the rare person that's going to get a car with the intention of driving free for a year and then defaulting.
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superman211 11:42AM (3/31/2009)
That's me! New 2010 Cobra for free!
JK I'd never play them like that.
Epyx 11:46AM (3/31/2009)
Its marketing and people are stupid.