Ford Motor Credit Company Canada

The credit arm of Ford Motor Company was established in 1989 with the purchase of Associates First Capital Corporation from Gulf Western. [3] The vast majority of Ford Credit`s business consists of financing Ford and Lincoln vehicles and supporting Ford and Lincoln dealers. Specifically, business activities focus on the area of consumer auto financing as well as dealer storage and leasing equipment. Ford Credit competes primarily on the basis of service and financing programs, including those sponsored by Ford. An important basis of its service is the provision of a broad and consistent purchasing policy for hire-purchase and leasing contracts in the retail sector as well as the constant support of dealers` financing needs throughout all economic cycles. These guidelines have helped Ford Credit build strong relationships with the Ford dealer network that enhance competitiveness. [2] Ford Credit also offers commercial financing and lines of credit to dealers who sell Ford Motor Company products. The company also issues commercial paper and other debt securities on behalf of Ford. Ford has set up a special helpline for Canadian customers to discuss options: 1-877-636-7346. This is another toll-free number in the U.S., where it also encourages customers in the U.S.

to access their accounts online or through the FordPass app, which is not available in Canada. Since the 2008-2010 auto crisis, Ford Credit has been the only financial arm of the Detroit Big Three that is still owned by its parent automaker following the spin-off of GMAC (now Ally Financial) by General Motors and the purchase of Chrysler Financial (now TD Auto Finance) by the Toronto-Dominion Bank. In addition to cash assistance for customers, Ford said Monday that the Ford Fund, its philanthropic arm, will donate more than $500,000 to nonprofit groups in southeast Michigan and support food delivery to seniors and thousands of children who don`t have access to school meals while classes aren`t taking place. Some locations in Detroit serve as drive-up pantry distribution centers. Ford Motor Credit Company LLC, d/b/a Ford Credit, is the financial services arm of Ford Motor Company and is headquartered in Dearborn, Michigan. Ford Credit also owns Lincoln Automotive Financial Services, the arm that finances Lincoln vehicles. « We are immediately targeting resources to ensure that the most vulnerable are cared for in this unprecedented situation, » Mary Culler, president of the Ford Motor Company Fund, said in a statement. « We appreciate everything our nonprofit partners are doing and will continue to work with them to address the critical needs of our communities as the situation evolves. » Ford Motor Credit Co.

said Monday that it will allow customers affected by the coronavirus crisis in Canada and the U.S. to delay payments for new car purchases or rentals. « They can then pay again when their situation improves. It`s part of our goal to always help Ford and Lincoln customers stay in their vehicles. « Ford is committed to reaching out to the people who rely on us, » Mark LaNeve, Ford`s vice president of marketing, sales and service in the U.S., said in a statement. « The peace of mind of our Ford and Lincoln customers is our top priority as we work on the developments of this outbreak. » CORRECTION: An earlier version of this section did not clearly indicate the specific measures taken in Canada. Customers can call there and discuss options, such as . B the deferral of a payment.

The lender also offers U.S. customers who purchase a new vehicle only the option to defer their first payment for 90 days. Ford Credit will begin running ads for the program today, using the slogans « Built for Right Now » and « Built to Lend a Hand. » Ford is also launching an emergency relief program with the United Negro College Fund to help students with financial hardship at historically black colleges and universities return home after some of those institutions suddenly closed. « We are letting our Canadian customers know that if they are affected by COVID-19, they can contact us, » Margaret Mellott, a spokeswoman for Ford Motor Co., said in an email to Automotive News Canada. « In Canada, we encourage affected Ford and Lincoln customers to contact us to discuss options such as changes to payment due dates or late payments.