Ford announced it is offering customers no payments for six months on new car purchases in the face of the coronavirus crisis.
Ford said that under its "Built to Lend a Hand” program it will make three months of car payments for eligible new car buyers and that buyers can defer up to three additional months of payments when financing through Ford Credit.
Ford also announced it is suspending payments of its dividend, and that it will draw down $15.4 billion in cash it had available on two separate lines of credits to give it sufficient cash on hand heading into an economic downturn.
Early indications are that US automakers have ground to a halt in the face of crisis, although firm numbers have yet to be reported. Ford, General Motors and Fiat Chrysler all are shutting production at North American auto plants through the rest of the month to protect workers and because of supply chain issues. But the lack of sales means the shutdown likely won't cause a vehicle shortage at dealerships.