CAPE TOWN – Ford Motor Company of Southern Africa (FMCSA) on Wednesday declared its support for Ford Credit customers in response to the growing impact of the COVID-19 lockdown.
The motor company said in a statement that personal and business Ford Credit customers that were impacted by reduced income or cashflow now have the option of requesting a payment deferral.
Managing director of FMCSA Dr Kerry Henderson said the company was 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.
“The payment deferral option has been introduced for Ford Credit customers to alleviate some of the financial pressures during these unprecedented times,” ” said Henderson. “Customers are invited to approach us directly in the event of any form of uncertainty or financial distress.”
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, according to the company’s statement.
FMCSA said business customers would 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.
By Sizwe Dlamini