Ford & Hyundai Offer US Customers Payment Concessions
Hyundai Motor America has reinstated a version of its Assurance Job Loss Protection programme, offering to forgive up to six months of payments if new customers (those who buy or lease a vehicle from mid-March through to April) lose their jobs. The original programme, launched in early 2009, went a key step further, allowing customers to return a new vehicle if they lost their job. For certain models, customers can also defer first payment for 90 days.
Ford is more vague about who and how it will help, but is encouraging consumers impacted by Covid-19 who are leasing or financing through its credit arm to contact Ford to discuss options. Commercials titled Built to Lend a Hand and Built for Right Now are advertising the offer of support, replacing other ongoing campaigns – painting the American automaker as an ally during an anxious time.
As noted in our recent report on Economic Inclusion, consumers (millennials in particular) are already struggling to manage the escalating cost of essentials as income inequality worsens. A new recession will require innovative concessions from brands but also a willingness to tackle systemic change.