HOUSTON–First Service Credit Union has introduced a new auto loan that allows borrowers to walk away from the deal in the event of a job loss within six months of taking out the loan.
“Buying a car is a big commitment, but you can have peace of mind with the new Freedom Auto Loan from First Service Credit Union,” the credit union said on its website. “That means that if you purchase or refinance your car or truck, and you lose your job or experience another qualifying life-changing event, you have the power to walk away with no impact to you or your credit.”
In a TV ad announcing the new offer, CEO David Bleazard says the loan offers “peace of mind.” It’s an offer “from a credit union that has your back,” Bleazard adds.
The TV spot can be viewed here.
As CUtoday.info recently reported here, Ford Credit has also been offering a similar deal.
The company is allowing customers who buy new or used cars through Ford Credit to return that vehicle within a year if payments can't be made because of job loss. The special "Ford Promise" program runs through Sept. 30, according to the company. It applies specifically to 2019, 2020 and 2021 purchased or leased new, used and certified pre-owned vehicles. Commercial use contracts do not qualify.