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FORD CREDIT'S 'PEACE OF MIND' FEATURE MEETS DEMANDS OF AGING CAR-BUYING PUBLIC

 FORD CREDIT'S 'PEACE OF MIND' FEATURE
 MEETS DEMANDS OF AGING CAR-BUYING PUBLIC
 DEARBORN, Mich., Aug. 10 /PRNewswire/ -- Customers 62 years and older who finance a vehicle with Ford Motor Credit Company now qualify for the "Peace of Mind" feature at no additional cost to them. With this feature, if the customer dies before the vehicle is paid off, any co-buyer who is age 62 or older, or the customer's spouse, or executor of the estate can return the vehicle to Ford Credit with no further obligation. Ford Credit's Peace of Mind feature is available for vehicles purchased and financed through Ford Credit after Aug. 1, 1992.
 Returned vehicles will be sold at Ford Credit-arranged auctions. If the sale proceeds are less than what is still owed on the original financing, the debt is considered paid-in-full. If the sale proceeds are greater than the debt, Ford Credit will refund the excess money to the co-buyer or estate.
 The estate or co-buyer also have three options: keep the vehicle and continue to make the original monthly payments; pay off the contract in full; or sell the vehicle to a qualified third party who must assume the debt.
 "We are the only automotive finance company that offers this service," said Daniel Taylor, Ford Credit vice president-Marketing.
 Ford Credit developed the Peace of Mind feature in response to vehicle financing market studies conducted with mature buyers. These studies indicated that mature buyers place a high priority on security and safety features. Therefore, these buyers indicated that they would find the Peace of Mind feature attractive.
 Ford Credit's market studies were initiated in response to demographic changes. Currently, U.S. residents 65 years or older outnumber the entire population of Canada, and as a group their net worth is $5 trillion. Almost one-third of them finance their vehicles. By 1995, it's predicted that 40 million Americans will be 65 or older.
 "Customer satisfaction is the top priority at Ford Credit," said Taylor. "Ford Credit developed the Peace of Mind feature to meet mature buyers' requirements -- at no extra cost to them."
 -0- 8/10/92
 /CONTACT: Jessica Hatchigan of Ford Motor Credit Company, 313-594-1096/
 (F) CO: Ford Motor Credit Company ST: Michigan IN: AUT FIN SU: PDT


SB -- DE008 -- 8406 08/10/92 10:02 EDT
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Publication:PR Newswire
Date:Aug 10, 1992
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