GNYADA Intervenes to Expedite NYS Approval of Ford Promise Program

New York is one of only two states yet to allow Ford dealers to offer protection on purchases and leases in the event a customer loses their job. The Ford program, called “Ford Promise”, is similar to one Hyundai and other OEMs have offered to alleviate consumers’ fears of losing their job, especially during difficult economic times such as 2008 and 2009.  

GNYADA has coordinated efforts with Ford to convince the NYS Department of Financial Services (DFS) and the Governor’s Office to speed up the program’s approval. GNYADA has had direct conversations with the Governor’s staff to expedite the State’s review of the program so that GNYADA dealers can offer it soon. 

The State considers “Ford Promise” an insurance product, which means it must first obtain approval by DFS.

GNYADA has made clear to State officials that the hold-up has put New York Ford dealers at a severe competitive disadvantage with Ford dealers in other States and will undoubtedly cost our dealers sales when they can least afford it. Key officials in the Cuomo Administration are now fully aware of the need for quick action. We hope that our request will result in a prompt approval. 

GNYADA has continued to stress to State lawmakers and Regulatory Agencies that New York needs to be quicker when responding to market conditions, especially when New York dealers become disadvantaged as surrounding states enact laws or allow for greater flexibility for local businesses competing with New York businesses.