PROGRAM DETAILS
Client Experience - Vehicle Purchase
The Lincoln Promise is a complimentary vehicle return program providing up to $15,000 of benefit for Clients that experience involuntary unemployment or self-employed bankruptcy within 12-months from the date of purchase of a Lincoln CPO or any brand of used vehicle financed through Lincoln Automotive Financial Service, subject to Lincoln Automotive Financial Service approval.
The program is available to Clients in all states except Oregon and New York. New York is under review and pending approval of New York regulators. To enroll, in most states the Dealer and Client will execute the Lincoln Promise Addendum at the time of vehicle delivery. In 4 states, (Maine, North Dakota, Nevada and Utah,) the Client will receive a certificate in the mail, typically within 30 days from vehicle delivery.
Please note, Lincoln Promise does not alter trade-in transactions between the Client and Dealer.
The Lincoln Promise Program Overview
Timing:
The Eligibility Period is June 26, 2020 - September 30, 2020
Description:
Lincoln Automotive Financial Service (LAFS) Complimentary Vehicle Return program provides a 12-month benefit to eligible Clients. The Lincoln Promise allows individuals who have experienced involuntary unemployment or self-employed bankruptcy to return their purchased vehicle and waive/pay up to $15,000 of debt to Lincoln Automotive Financial Services
Vehicles:
Lincoln CPO (no make/model restrictions) subject to Lincoln Automotive Financial Services eligibility.
And Pre-Owned Inventory (no make/model restrictions) subject to Lincoln Automotive Financial Services eligibility.
Client Eligibility:
All retail purchases must be financed with Lincoln Automotive Financial Service during the Eligibility Period to qualify. Seasonal payments are not eligible. Coverage extended to the primary buyer only. Commercial use and contracts in a business name are ineligible. Eligibility dependent on Dealer location, not Client residency
Ineligible States:
Oregon, New York (see below for NY status)
Pending State:
New York - Pending approval with New York regulators; Timing TBD
How Does It Work:
In the event of involuntary job loss of the primary buyer named in the contract, the Client can return the vehicle as long as they receive or qualify for state unemployment benefits. In the event of self-employed personal bankruptcy of the primary buyer, the Client can return the vehicle as long as they file a bankruptcy petition or have a bankruptcy petition filed against them and they were selfemployed up until the time of the filing.
Required Employment:
Minimum 30+ hours a week with single employer, minimum 12 weeks within recent 17 consecutive weeks to qualifying event (12- months for self-employed bankruptcy)
Coverage Duration:
Coverage term is 12 months from the date of purchase
Vesting Period:
30 days from the date of purchase
Program Admin.:
Insurance Insight, Inc. - Contract Addendum States (44 states) ARS - Insurance Certificate States (4 states)
Contact
Parkway Lincoln of Lexington
98 New Highway 64 West
Lexington, NC 27295
- Sales: (336) 243-2731
- Service: (336) 243-2731
- Parts: (336) 243-2731
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