This was the second Tom Petty album on the Backstreet Records label. The album's release was delayed while Petty and his distributor MCA Records argued about the list price. The album was slated to be the next MCA release with the new list price of $9.98, following Steely Dan's Gaucho and the Olivia Newton-John/Electric Light OrchestraXanadu soundtrack. This so-called "superstar pricing" was $1.00 more than the usual list price of $8.98.[11] Petty voiced his objections to the price hike in the press and the issue became a popular cause among music fans. Non-delivery of the album or naming it Eight Ninety-Eight were considered, but eventually MCA decided against the price increase.[12] The final title comes from a line in the chorus of "Insider."
Hard Promises is the last full album to feature the original Heartbreakers lineup, as bassist Ron Blair left after the album's release. He returned on Mojo, and he would make guest appearances on Long After Dark and Southern Accents and, after rejoining the band in 2002, played on select tracks on The Last DJ. He was replaced by Howie Epstein, who continued to play until his removal in 2002 due to deteriorating health.
During the recording of the album, John Lennon was scheduled to be in the same studio at the same time. Petty was looking forward to meeting him when he came in. The meeting never occurred, as Lennon was murdered before the date of his planned visit to the studio. Petty and the band paid tribute to the slain former Beatle by etching "WE LOVE YOU J.L." in the runout deadwax on early U.S. and Canadian pressings of Hard Promises.[14]
