Car Payment Relief Options from Automakers
Carmakers are stepping up with financial relief for those looking to buy a new car or struggling with monthly payments during these unprecedented times. As many Americans adjust their daily lives with kids at home and remote work, car shopping is not a top priority. Additionally, individuals still paying off a car loan may worry about their ability to make payments due to job disruptions.
Before reaching out for help, it’s essential to read your finance contract. Financing doesn’t necessarily mean it’s with the car manufacturer’s lending arm. Dealers often provide various financing options, so thoroughly review your paperwork to contact the right lender for assistance.
FCA: Chrysler, Dodge, Jeep, Ram, Fiat, Alfa Romeo
FCA, working primarily with Chrysler Capital and Ally, is offering several payment-relief options. Customers should contact Chrysler Capital or Ally for specific details. Notably, Ally Financial allows customers to defer a payment for 90 days on a new vehicle.
Jeff Kommor, U.S. head of sales, stated, “Our FCA dealers continue to operate and provide services throughout the U.S. and Canada. Decisions about dealership operations rest with the dealers as independent business owners.”
Ford
Ford Credit is advising impacted U.S. customers to reach out to discuss options like deferred payments for leased or purchased vehicles. In response to declining new-car sales, Ford Credit has also introduced a program allowing the first payment on new vehicles to be deferred for 90 days.
Mark LaNeve, vice president, U.S. marketing, sales and service, mentioned, “Ford is committed to lending a hand to those who rely on us.” Ford is also contributing more than $500,000 to nonprofit organizations in southeast Michigan to assist children and seniors in need during school closures.
General Motors: Buick, Cadillac, Chevrolet, GMC
General Motors has a dedicated site listing available resources and GM Financial is ready to assist customers needing payment help. New buyers with good credit can benefit from 0% interest on 84-month loans with the first payment deferred by 120 days.
Additionally, GM is activating OnStar crisis assistance for emergency calls and offering 3GB of data for three months to support those working from home or attending online classes.
Hyundai, Kia, and Genesis
Hyundai Motor America has reintroduced its Assurance Job Loss Protection plan, enabling new owners to have up to six months of payments covered if they lose their jobs. This program reflects Hyundai’s commitment to customer support during uncertain times.
Hyundai is also offering a 90-day payment deferral on certain new leases or purchases, helping customers to ease their financial burden.
Genesis, Hyundai’s luxury brand, echoes similar support with its Job Loss Protection plan, which covers six months of payments for those affected due to job loss.
Nissan
Nissan North America is also offering deferred payment options for new purchases or leases. Nissan Motor Acceptance Corporation (NMAC) will allow 90-day deferred payments for new retail customers. They are also providing support to dealers through cashflow assistance programs.
Toyota and Lexus
Toyota and Lexus Financial Services are providing various payment relief options for affected customers, including lease extensions and deferred payments. They are continually evaluating available incentives to support their clientele.
Other Lenders
Wells Fargo is directing customers needing financial assistance to call for support, while Capital One has advised impacted individuals to reach out regarding their auto loans. The Wells Fargo Foundation is also contributing significantly to public health efforts during this challenging time.
