Lincoln Certified Pre-Owned | Frequently Asked Questions | Lincoln.com

Who is eligible for this program?

The Lincoln Promise is available on Lincoln CPO and used vehicles. These vehicles must be purchased at a participating Lincoln dealer from June 26, 2020 to September 30, 2020 (the “Program Period”) and must be financed through Lincoln Automotive Financial Services. Commercial use vehicles are excluded from the Program; therefore, LAFS contracts marked commercial use and/or in a business name are not eligible. Seasonal Retail Payment Plans are excluded from the program. 

Client eligibility is determined by dealership location. For dealers in all states except ME, ND, NV, NY, OR and UT, eligible Clients will execute a Lincoln Promise Addendum at the time of purchase. For dealers in ME, ND, NV and UT, eligible Clients will receive an Insurance Certificate mailed to them by the Insurance provider. Dealers in New York and Oregon are excluded from the Program at this time.

Under the Program, Clients must have a qualifying involuntary job loss which occurs thirty-one (31) to three hundred sixty-five (365) days after vehicle purchase, be eligible for state unemployment benefits, and provide proper notification within thirty (30) days of qualified involuntary job loss.

How much does this program cost?

The Program is provided to eligible Clients by Lincoln Automotive Financial Services on a complimentary basis with no cost to the Client.

Does the Program apply to a co-signer of my contract?

No, the benefit only applies to involuntary unemployment or self-employed personal bankruptcy experienced by the individual listed as the buyer in the contract.

If I am self-employed, can I qualify for this program?

Only individuals that are self-employed and experience self-employed personal bankruptcy are eligible for coverage. See your Addendum or Certificate for details.

What if I financed my vehicle purchase through another Lender other than Lincoln Automotive Financial Services?

The Program is only available on contracts financed through Lincoln Automotive Financial Service during the Program Period.

Is there an “exclusionary period” before I become eligible for coverage?

Yes, job loss protection begins on the 31st day after the effective date of your retail installment contract.

What if I have been provided notice of future unemployment, am I eligible for the Program?

You must not have written or verbal knowledge of prospective unemployment, including public announcements of corporate layoffs and plant closures, prior to or within 30 days following the effective date of your retail installment contract.

When does the Program expire for me?

A qualifying job loss event must occur within the first three hundred and sixty-five (365) days immediately following the effective date of your Lincoln Automotive Financial Services retail installment contract. If your vehicle is repossessed or is determined by your automobile insurer to be a total loss or if your retail account is paid in full, charged-off, rewritten, transferred to another party, refinanced or otherwise discharged, the Program expires.

Who is the program Administrator? 

Client eligibility is determined by selling dealership location and the Program Administrator can be contacted via phone or email:

Dealer Support Line

1-888-788-0323

support@promiseadmin.com

How do I request a waiver (or insurance coverage, where applicable) under the Program? 

Please contact the Administrator.

How soon after experiencing my job loss do I have to make a request for protection under the Program?

You must notify the Administrator within thirty (30) days of experiencing involuntarily unemployment or self-employed personal bankruptcy.

How do I demonstrate that I have become unemployed?

If you make a request under the Program, the Administrator will request that you provide documents including a termination notice from your employer and proof of eligibility for state unemployment benefits. If you are self-employed and have filed an assignment in bankruptcy, you will be required to submit documentation that proves your filing as part of the verification process. See your Addendum or Certificate for complete details.

What if I voluntarily resign from my employment?

The Program only applies to unemployment circumstances that are involuntary in nature.

If I am eligible for the Program, will I owe anything if I choose to return the vehicle?

You may. Before returning the vehicle, we subtract from the waived amount or certificate payment any amounts to repair the vehicle to an acceptable condition. You must also pay any past due payments, any scheduled payments deferred/extended after the origination of your retail installment contract. You must pay these amounts and any amount in excess of the $15,000 program limit. Refer to your Addendum or Certificate for complete details.

Is there a limit to the amount that is waived/paid?

The maximum amount that will be waived/paid in the case of a qualifying job loss event is fifteen thousand dollars ($15,000). See your Addendum or Certificate for details.

I owe more than $15,000 under my retail installment contract, do I have to pay the difference?

In the event you experience a qualifying job loss event and are approved under the terms of the Program, the Administrator will calculate the difference between the value of your vehicle and the amount you still owe under your retail installment contract. The difference between the value of your vehicle and the amount you owe will be waived/paid, subject to the maximum limit of fifteen thousand dollars ($15,000) upon returning your vehicle. If a balance remains, you must pay Lincoln Automotive Financial Services via certified check when returning the vehicle to the dealership. The dealer will provide the check to Lincoln Automotive Financial Services.

What must I provide when requesting protection under the Program?

The Administrator will guide you through the process and provide a checklist of information that will be required. Information requested will include, among other things, proof of involuntary unemployment or proof of self-employed personal bankruptcy. During the process, the Administrator will also schedule an inspection of your vehicle with a third-party vehicle inspection company to determine if the vehicle has any damage. See your Addendum or Certificate for complete details.

When, how, and where do I return the vehicle?

The Administrator will guide you through the process. Once your qualifying job loss event has been substantiated through the documentation, the Administrator will make arrangements for the vehicle inspection and the return of your vehicle to a designated location. If you have an outstanding balance due, payment must be provided in the form of a certified check made out to Lincoln Automotive Financial Services, given to the dealer upon vehicle return.

Can I withdraw my request and keep my vehicle?

Yes, you may withdraw your request under the Program at any time before returning your vehicle.

Is there any reason that the Program will not apply to my situation?

Yes, there are reasons why you may not be eligible under the Program. These include but are not limited to: unemployment where termination was within thirty (30) days of your retail installment contract agreement inception date; you do not provide notice of a qualifying job loss event within thirty (30) days of it occurring; you have not provided the Administrator with the required documentation to complete the Program process; you have not completed a vehicle inspection; you have not paid the remaining balance due to Lincoln Automotive Financial Services; or you did not purchase your vehicle during the Program Period. See your Addendum or Certificate for complete details.

Are there any tax implications to me if I choose to return the vehicle?

You should consult your tax advisor to determine as neither Lincoln Automotive Financial Services nor the Administrator can provide tax advice on this matter.

If I choose to return my vehicle through the Program, what will be reported to the credit reporting agencies?

After you have completed all of the steps that the Program requires, Lincoln Automotive Financial Services will report to the credit reporting agencies that the account is “Closed/Paid with a Zero Balance.”

Will I receive a credit for unused portions of add-on products that I have financed (i.e. Extended Service Contract, GAP, etc.)?

Yes, Lincoln Automotive Financial Services will contact providers on your behalf to determine unused portion of add-on products and will apply those amounts to the balance.

I lost my job, does that mean I can stop making my scheduled vehicle loan payment?

No, you are required to continue to make your scheduled payments until the Administrator has approved your request and you have returned your vehicle to the designated return location according to the Program requirements. Lincoln Automotive Financial Services and the Administrator will not be responsible for any vehicle returned without prior approval.

I lost my job, does that mean I can cancel my primary insurance coverage?

No, you are required to keep your vehicle fully insured under your retail installment contract, until your vehicle has been returned to the designated return location. Lincoln Automotive Financial Services and the Administrator will not be responsible or liable for any uninsured vehicle.

How are you valuing my vehicle?

Your vehicle value will be calculated using the average trade-in value in the NADA Official Used Car Guide. If your vehicle is not listed in the NADA Official Used Car Guide, the Administrator will provide an appraised value to determine the trade-in value of the vehicle.