Lenders and Auto Loan Relief Programs
Between mass layoffs, shelter-in-place orders, unexpected medical bills, and many other issues, the COVID-19 pandemic is wreaking havoc on many lives. In addition to the upheaval of day-to-day normalcy and concerns for personal welfare, financial stress continues to mount for many people. As a Ford owner, you may qualify for temporary financial relief from Ford Motor Credit.
Ford Motor Credit
If you financed your vehicle purchase through Ford Motor Credit and are facing financial hardship because of the COVID-19 pandemic, you should contact the lender directly to explore your relief options. Ford Motor Credit is providing relief on a case-by-case basis. In some cases, it is deferring payments on existing loans for a short period. It is also granting some requests to change the due date for the monthly payment. If you are buying a new Ford, Ford Motor Credit will defer your first loan payment for up to 90 days upon request.
End of Lease Options
Is the end of your lease on a Ford approaching? If you prefer to keep your Ford, you may be able to extend your lease on a month-by-month basis or by arranging a short-term fixed extension. If you plan to turn in your Ford at the end of your lease, contact Riverside Ford to initiate the surrender process. By doing so, you can enjoy a hassle-free experience when you drop off your Ford at the Riverside Ford.
Loan Deferment FAQs
What is a Ford Loan Deferment?
If Ford Motor Credit grants your request for a deferment, you will not have to make your regular monthly payment during the specified deferment period. Instead, you will need to make up these payments at the end of the loan term. This means that your final loan payoff date will be pushed back by the length of the deferment period.
Will a Ford Loan Deferment Damage My Credit?
To obtain a Ford auto loan deferment, you must contact Ford Motor Credit directly to formalize your request. You cannot skip a scheduled payment until after the deferment has been approved. If you do, a late or missed payment may be reported as a negative event on your credit report. On the other hand, missing payments that are covered under an approved deferment will not damage your credit rating.
How Do I Get a Ford Deferment Through Ford Motor Credit?
Ford Motor Credit is reviewing requests for deferments and payment due date changes on a case-by-case basis. You can contact Ford Motor Credit directly to learn about the options that are available to you and to formally request relief.