Amid the corona virus outbreak, the auto companies are well aware that some of its current customers might encounter unexpected difficulties in making their monthly loan or lease payments. To also help the customers buy vehicles and to the ones who have already purchased, the automakers are taking a mufti-prolonged approach and offering incentives in the form of deferred payment options. Here are the programs, different companies have come up with.
- Payment extensions and deferrals, as well as late fee waivers are made available to the current owners and lessees.
- For to-be Acura buyers, it is providing 90-day deferred first payment when being financed directly through Acura Financial Services. It is also providing low-APR financing for certified used TLX and RDX models and $500 in loyalty cash to buy or lease a new car.
Fiat-Chrysler (Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, Ram)
- For current owners and lessees, there have been made flexible payment arrangements and extensions on case-by-case basis. For to-be buyers, the following has been offered:
- 0% financing for 84 months on some of the Truck.
- Deferred payments for 90 days on non-hybrid Pacifica models; deferred payments for 90 days on some 2019 and 2020 models.
- Dodge and Jeep vehicles; 0% financing for 60 months on 2020 model Chrysler Pacificas.
Ford Motor Company (Ford, Lincoln)
- For current owners and lessees: Flexible payment arrangements, payment extensions on case-by-case basis to those who have been affected.
- Ford has made a “Built to Lend a Hand” program. It offers the customers, six months of leeway before they are supposed to make their initial payments. Also, Ford will be paying for the equivalent of three months of car payments and customers can defer their first payment for up to three months for a total of six months. The program is limited to a specific models and to a maximum amount of money.
- The new program is available to eligible new car buyers purchasing the new 2019 and 2020 models, (excluding the 2020 F-Series Super Duty); must be financed through Ford Credit. Buyers can choose their car online and get a home delivery.
General Motors (Buick, Cadillac, Chevrolet, GMC)
- For current GM owners and lessees: Flexible payment arrangements, payment extensions on case-by-case basis
- Buyers can shop online and take home delivery of a new vehicle.
The company is offering interest-free financing on some of the models for 84 months. Isn’t that amazing?Also,it is offering deferred first payment for up to 120 days on most 2019 models still in stock and on some 2020 models to the well qualified buyers (Chevrolet Silverado, Chevrolet Equinox, Chevrolet Trax, Chevrolet Bolt EV, Buick Encore, Buick Envision, and GMC Sierra). The vehicle must be financed through the company.
- Up to 90 days of deferred payments for current customers and up to six months of payment waivers for new owners who lose their jobs by December 31, 2020 and either purchased or leased a vehicle between March 14 and April 30, 2020. (Applied only to Genesis Finance customers and current owners and lessees)
- Deferred payments up to 90 days on 2019 G70 models forto be buyers.
- Payment extensions and deferrals, as well as late fee waivers are available for current owners and lessees.
- 90-day deferred first payment will be provided to current owners and lesseeswhen financing directly through the company. Beyond that, $1,000 in loyalty cash to buy or lease a new Honda, low-APR financing for certified used Accord, Civic, and CR-V models will be offered.
- Up to 90 days of deferred payments for current customers and up to six months of waived payments for new owners who purchase or lease their vehicle between March 14 and April 30, 2020.
- The company’s Job Loss Protection will make up to six months of payments for new Hyundai owners who lose their jobs due to the COVID-19; who purchase or lease their vehicle between March 14 and April 30, 2020.
- Deferred payments up to 90 days on selected vehicles purchased through April 30, 2020 at 0% financing for to be buyers.
- For current owners and lessees: Flexible payment arrangements, payment extensions on a case-by-case basis.
- Up to three 30-day payment extensions granted on a case-by-case basis for current owners and lessees.
- 72 months and deferred first payment (at 0% financing) for 120 days for selected vehicles financed before March 31, 2020 for to be Kia owners and lessees.
- For current owners: Payment extensions on case-by-case basis and flexible payment arrangements.
- Mini is extending 30 days vehicle warranty. It is also providing maintenance plans which expires before April 16, 2020 from March 16, for current owners and lessees.
- Up to 120 days of deferred payments for vehicles financed through Ally will be offered for current owners and lessees.
- For future buyers there will be Up to 90 days of deferred payments for vehicles financed through Ally.
- Rescheduling is being made for payments on a case-by-case basis for vehicles financed through the company for current owners and lessees.
- 0% financing and 90 days of deferred payments for new retail customers will be provided for some of the models to the future buyers.
- For current owners and lessees: Owners can extend lease contracts for up to six months whose leases through the company expires in April. On a case-by-case basis, lease payment deferrals of 30 or 60 days are available to owners. Some Porsche dealerships are also offering valet service for maintenance and repair.
- For to-be buyers, porsche is also providing home delivery of new and certified pre-owned cars and it is also providing 100% online transactions.
Subaru (Ascent, Forester, Impreza, Legacy, and Outback)
- 0% financing for 63 months will be provided to upcoming buyers.