Ford Credit Reaches Deal on Lease Practices
From Associated Press
Ford Motor Credit agreed to offer up to $1 million in refunds to settle allegations that it overcharged customers who ended their vehicle leases early.
Though 150,000 customers around the country will be notified, the company estimated less than 10% will be eligible.
The refunds of up to $100 will be available only to customers who bought their vehicles after terminating their leases, Ford Motor Credit spokesman Daniel Jarvis said. As part of the settlement, Ford and dealerships will also pay $6.2 million in legal fees and costs.
Ford Motor Credit is the vehicle-financing arm of Ford Motor Co. It has more than 10 million customers.
