Do you have your eye on a certain Ford vehicle, but you’re not sure you’ll be able to afford the monthly payments? Well, the company has a solution for you: rent out your car for short periods, offsetting the cost.
The new program is called Peer-2-Peer Car Sharing, and it’s available now as a pilot program in Berkeley, Oakland, San Francisco, Portland, Chicago, Washington, D.C., and London. Ford (F) cited research showing that one-third of millennials were interested in renting out their car as a way to supplement their income.
Right now, only customers invited by Ford can participate. To rent your car, it has to be financed through Ford Credit, the financing arm of Ford. Combined with Ford’s recently announced car sharing service in London, it’s clear the Detroit company wants to keep up with younger transportation leaders such as Uber and Car2Go.