Ford Credit Pilots Shared Leases, Unused Miles Bonus for Lincoln
Ford Credit and its Lincoln subsidiary announced two new lease-related programs today.
The first is a lease-sharing pilot for the Ford brand, where three to six customers can share a single lease.
The second is an app for Lincoln Automotive Financial Services that lets Lincoln customers keep track of their mileage, and potentially earn a bonus toward their next purchase, for unused miles on their lease.
The lease-sharing pilot is for a single market —Austin, Texas — for starters, David McClelland, Ford Credit executive vice president, marketing and sales, told Auto Finance News.
He said Ford Credit designed an app called Ford Credit Link to help customers manage shared ownership. For instance, customers can use the app to reserve time in the vehicle, to communicate with each other, and to make payments.
Shared ownership isn’t an entirely new concept, since Ford Credit is used to considering credit applications from a borrower and a co-signer, McClelland said.
Meanwhile, about 4,000 Lincoln customers with 2016 Lincoln MKC, MKX or MKZ models with a trim and equipment upgrade that includes an embedded modem are eligible to sign up for the Lincoln app, called Lincoln Miles.
The app helps customers keep track of their actual mileage, versus the contractually agreed mileage limits in their leases, said Lee Jelenic, director of future digital and product development. Customers can earn a maximum of $1,000 toward their next Lincoln vehicle for unused miles. Customers who participate in the Lincoln Miles program and exceed their mileage limits can still earn a smaller amount toward their next purchase, the company said.
According to dealer advertising, a typical penalty is 20 cents per mile for exceeding contractual limits.
