Ford Motor Co. is offering a $500 cash rebate, in addition to other hefty discounts, to millions of full-time college students and recent graduates seeking to buy or lease a Ford or Lincoln-Mercury vehicle, the company said Tuesday.
Ford, which saw U.S. sales drop 5.4 percent last month, said the rebate was available to students currently enrolled in college, trade or graduate school as well as any student who has graduated or will graduate between May 1, 2003 and Jan. 2, 2006.
The second-largest U.S. automaker said about 15.1 million students across the United States are eligible for the rebate, which will remain on offer through January 2006.
Ford, which recently eased its lending policies to offer more loans to younger buyers, is currently offering interest-free financing for up to five years on most sport utility vehicles and some pickup trucks.
The automaker is also giving away a Dell Inc. desktop computer with the purchase of its 2005 model-year Focus car, in addition to a $2,000 cash rebate.
Both Ford and rival General Motors Corp. raised profit-eroding consumer incentives on most slow-selling vehicles earlier this month after posting disappointing U.S. sales in January.
The two Detroit automakers entered 2005 with high inventories of unsold vehicles and trimmed targeted production this quarter.
Some vehicles are excluded from the student rebate program including the gas-electric or hybrid version of Ford's compact Escape SUV, the company said.
