Ford Credit has fared well in a number of J.D. Power surveys in recent months, including a fifth-place finish in the 2021 U.S. Dealer Financing Satisfaction Study, a third-place ranking in the 2021 Canada Dealer Financing Satisfaction Study, and a first-place finish in the 2021 U.S. Consumer Financing Satisfaction Study. Now, on the heels of rolling out a new policy that opened up 84-month financing to more customers and launching the 2022 Ford Maverick Financing Guaranteed Approval Program, Ford Credit is making some changes to its loyalty program, according to a dealer bulletin seen by Cars Direct.
According to the bulletin, Ford is removing tier and payment history requirements for its Customer Loyalty Program, which could possibly make it easier for current Blue Oval owners and lessees to score a better deal. Approved applicants will receive a one-tier upgrade which could give them access to lower interest rates. The newly simplified program does require a 12-month minimum account history with Ford Credit that’s been active within the last 36 months, while customers cannot have a prior repossession or bankruptcy. Additionally, the vehicle purchased or leased must be for personal use.
This revamped program can be combined with standard rates or other promotional rates, enabling qualified shoppers to make a purchase with a 0 percent APR in some cases. With the federal reserve set to increase rates in the coming months, these changes could prove to be a big money-saving move for those in the market for a new vehicle, even with incentives near record lows.
As inventory remains near its own record low levels thanks to the semiconductor chip shortage, this revision will also make it a bit more attractive to purchase a new vehicle, even if there aren’t a wide variety of configurations available on dealer lots.