Ford Motor Credit Co. is now offering a month-to-month subscription service through Canvas, the short-term vehicle leasing startup formerly known as Breeze that Ford Motors Co. acquired in December 2016, Ford Credit Communications Manager Margaret Mellott told Auto Finance News.
San Francisco-based Canvas started offering short-term leasing options to Bay area customers in early May. “There are plans to roll this out to other cities eventually, possibly later this year,” Mellott said.
Breeze was rebranded by Ford post-acquisition to serve a wider audience. Founded in 2014, Breeze’s original business model was short-term leases on hybrid vehicles for rideshare drivers looking to supplement income. Breeze ceased operations in July 2016, and Co-Founder Ned Ryan now serves as chief executive of Canvas.
Canvas offers all-inclusive vehicle subscriptions that bundle insurance, maintenance, and roadside assistance. Subscription pricing has not been disclosed, but for the first year, the monthly payment declines each additional month customers stay in the vehicle, Mellott said. By comparison, General Motors Co. offers a $1,500-per-month program called Book By Cadillac.
“This is part of our work to enable future financing and mobility solutions for Ford,” Mellott said. “For Ford Credit, Canvas is a laboratory to incubate ideas, develop and test fast prototypes, and improve them through iterations.”4 - Readers Like This Post