Ford Motor Co., General Motors and Stellantis are offering end-of-term leasing customers the option to extend their contracts amid new-vehicle manufacturing delays. Extension eligibility is dependent on account status and proof the customer has ordered the next vehicle.
Several other automakers hard-hit by production delays, including Toyota and Honda, said lease extensions are evaluated on a case-by-case basis.
Production glitches are the cause of this latest round of lease extensions, which have become more common during the coronavirus pandemic. Leasing levels dropped as customers opted to extend current leases or return leased vehicles without making another purchase. Almost 800,000 fewer vehicles were leased in 2020 than 2019, according to credit bureau Experian.
At Ford, a customer can request a lease-end extension of up to 12 months, including even customers who do not have their next vehicle on order as long as they meet certain criteria such as whether there were other extensions during the lease. The Ford lease-end extension program was reported earlier by Ford Authority.