Ford Now Takes Returns: Automaker Will Take Your Car Back If You Lose Your Job

Ford (F) has taken new steps to drum up car sales while also reassuring consumers that may be faced with financial uncertainty over the next year because of the coronavirus.

Through the company’s new Ford Promise program, car buyers are now able to lease or purchase a 2019, 2020, or 2021 vehicle with the automaker’s financing plan, and if they lose their job within a year, they can return the vehicle right back to the dealer.

Ford will value the vehicle’s average trade-in value, reduce the buyer’s outstanding balance by that amount, and waive up to an additional $15,000. Any remaining balance would be the responsibility of the consumer, as well as any deferred or late payments or car damage.

Ford said once all conditions are met under the program, the account would be considered paid and closed. Enrollment in the program is available until Sept. 30.

The Ford Promise program comes as 32% of potential car buyers are delaying vehicle purchases because of fears of unemployment and uncertainty in the market, research from Cox Automotive said.

Since March, the auto industry saw car sales come to a virtual halt due to the coronavirus. Layoffs and production shutdowns also rifled through the auto industry, with automakers such as GM, BMW, Volvo, and Jaguar Land Rover laying off thousands of workers.

“We feel like right now, the economy is at the stage of recovery where people want things to be back to normal, they want to buy, but they’re still a little nervous about what the future holds,” Mark LaNeve, vice president, U.S. marketing, sales and service at Ford, said in a statement. “We want them to know we understand that, and we’re here to support them in their buying decisions.”

Ford stock was trading at $6.00 per share at 11:11 a.m. EDT, up $0.09 from 1.52 %.