Ford adapts to coronavirus panic by footing customers' car payments
Customers who buy new 2019 and 2020 model year vehicles will qualify for the program
Ford is adapting to the coronavirus pandemic by offering to pay for three months' worth of customers' car payments and touting that dealers can sell vehicles remotely, including pickup and delivery service in some areas.
Customers who buy new 2019 and 2020 model year vehicles will qualify for the "Built to Lend a Hand" program Ford announced on Thursday, which means Ford will pay for three months and customers can defer three months of payments. The program excludes the 2020 F-Series Super Duty.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 11.01 | -0.06 | -0.54% |
"Our dealers are incredibly connected to their communities," Kumar Galhotra, Ford North America president, said in a statement. "They're willing to lend a hand by doing whatever it takes to help our customers in this time of need."
US 'PROBABLY' IN A RECESSION: FORMER FORD CEO
The announcement comes after the Big Three Detroit automakers, including Ford, agreed to partial factory shutdowns, deep cleaning of equipment and longer periods between shifts to head off union demands for U.S. plant closures.
(AP Photo/Gene J. Puskar, File)
"I think first and foremost it was about keeping workers safe, and secondly there is no sense in building cars and trucks if you don't know what market is going to be," former Ford CEO Mark Fields told "Mornings with Maria" on Thursday.
GET FOX BUSINESS ON THE GO BY CLICKING HERE