Ford Motor Company of Southern Africa has announced a payment delay for its Ford Credit customers.
The company announced the payment delay for personal and business Ford Credit customers that have been affected by reduced income or cashflow. These customers now have the option of requesting a payment deferral.
MD of Ford Credit South Africa Kerry Henderson said Ford is continuing to evaluate the impact of Covid-19, including its economic impact on an ongoing basis.
“While it is too soon to speculate about the impact on defaults, we are looking at various possible scenarios and related actions that may become necessary should customers find themselves in financial difficulty,” said Henderson.
“The payment deferral option has been introduced for Ford Credit customers to alleviate some of the financial pressures during these unprecedented times,” Henderson added.
“Customers are invited to approach us directly in the event of any form of uncertainty or financial distress.”
Henderson highlighted that personal customers will be required to provide a motivational letter with the deferral application, including proof of lost income and the inability to work due to the Covid-19 restrictions, and a letter from the employer advising of the suspension of remuneration during the national lockdown.
Business customers will need to provide proof of the inability to generate revenue in line with the gazetted Covid-19 restrictions.
While the payments will be deferred, it is important to note that finance charges will continue to accrue for the period, once approved.