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Coronavirus Relief: Automakers and Lenders Offering Payment Support

By 04/30/2020 11:00am

Besides incentive offers, several manufacturers and one lending institution are giving payment deferrals for new customers. These deals are a way of reassuring buyers that they will be protected from any economic dislocation encountered in the wake of the Coronavirus shutdowns.

For more advice and daily updates on buying, owning, cleaning and selling a vehicle during the coronavirus outbreak, click here.

Fiat Chrysler

FCA (Fiat Chrysler America) on April 1 began its “Drive Forward” initiative that offers 0 percent financing for 84 months and deferred payments for 90 days on select 2019 and 2020 models. FCA’s brands include Jeep, Dodge, Chrysler, Ram, Fiat and Alfa Romeo. FCA also is debuting its Online Retail Experience that allows consumers to buy vehicles online from participating dealers.

In addition to the ability to buy online, the program allows customers to conduct vehicle trade-in, apply for credit, and receive price and payment estimates.

Ford/Lincoln

The Ford program offers six months of payment grace for qualifying new car customers who finance or lease vehicles through Ford Credit. Ford is offering to defer three monthly payments, plus make an additional three payments for a total of 6 months’ “peace of mind,” the automaker said. The offer is good on select 2019, 2020 and 2021 model vehicles. Lincoln, Ford’s luxury brand, is offering up to 120 days deferred payment on 2019 and 2020 models.

General Motors 

At General Motors, buyers can take advantage of 0 percent financing for 84 months, plus deferred payments for 120 days. The incentive applies to select models from Chevrolet, Buick, and GMC brands. The program extends to A+ and A- tier customers.

Genesis 

Buyers of new Genesis G70, G80 or G90 sedans between March 14 and April 30, 2020, who suffer an involuntary job loss due to COVID-19 through the end of the year, can defer up to six months’ payments. Their new car must be financed or leased by Genesis Finance. Restrictions apply and proof of job loss required. See dealer for details. Customers who buy a new 2019 Genesis G70 and finance it through Genesis Finance by April 30, 2020, are allowed to defer payments for 90 days.

Genesis, in partnership with Genesis Finance, on March 25 adds current Genesis owners to the payment deferral program.  Owners who have lost their job due to or have been medically impacted by COVID-19 may request a 30-day payment deferment up to three separate times. Current Genesis owners who financed or leased their vehicle through Genesis Finance before March 14, 2020 are eligible for this offer if:

  • They provide care for themselves or a member of their household resulting from the current global health crisis and are temporarily not able to work
  • They suffer job loss resulting from the current global health crisis

Hyundai 

Hyundai is offering 0 percent financing for up to 84 months and 4 months of deferred payments on select new vehicles through April 30. Additionally, for current owners who lost their jobs or experience medical hardships related to COVID-19 before April 30, Hyundai will defer up to 3 months of payments.

Also the “Hyundai Assurance” program, which was first launched during the 2009 recession, has returned. Hyundai covers up to six months of payments on new vehicles purchased or leased between March 14th and April 30th, 2020, for those lost their jobs due to COVID-19 this year.

Honda/Acura

Honda and its Acura luxury brand are offering up to 90 days deferral on the first payment of a new vehicle. Both Honda and Acura waive late fees for customers impacted by COVID-19. Eligible customers must finance with Acura or Honda Financial Services. Honda is also offering $1,000 toward the purchase or lease of select models, while Acura is offering $500.

Jaguar/Land Rover

Jaguar Land Rover is offering 0 percent financing for 72 months, and payment deferral for 90 days. The program from the British automaker’s financing arm is available on 2020 Jaguar and Land Rover models, plus the 2021 Jaguar F-Type.

For existing customers, Jaguar Land Rover is offering to extend lease terms for 6 months. The automaker says no call is needed to confirm the extension, and that customers will instead receive a letter or email with more information on the offer. Also being offered is a lease payment waiver for returning lease customers. The incentive waives two payments of up to $750 each on all 2020 Jaguar models and the 2021 Jaguar F-Type, plus the 2020 Land Rover Discovery Sport, Discovery, Range Rover Evoque, and Range Rover Velar.

Kia 

The Kia program offers first payment deferrals of up to 120 days, and 0–percent financing on select vehicles through Kia Motors Finance.

Mazda

Mazda is offering up to 90 days of deferred payments on new or Certified Used Mazda vehicles from April 1 to April 30, 2020. The Japanese automaker has partnered with Toyota Motor Credit Corporation on the initiative.

Nissan

Nissan Motor Acceptance Corporation (NMAC) is offering 90-day deferred payments, plus two months of payment relief for well-qualified buyers. The offer is available on 11 models through May 4, 2020.  Details can be found here.

Infiniti 

Nissan’s luxury division is offering 90-day deferred payments on all 2020 models, plus 0 percent financing for 72 months. The offer is available through June 30, 2020. More information can be found here.

Porsche

In an effort to make car buying less of an in-person affair, Porsche is incentivizing its dealers to set up and use its online buying program by offering discounted installation rates to those dealers. The system covers both new and used vehicles in the dealer’s inventory. It also allows online buying, financing, and leasing of those vehicles. Customers will still need to visit dealerships for final signatures, but the company says that home delivery is also possible.

Porsche also extends its warranties for three months on vehicles with coverage that expires between March and May 2020. For instance, if a warranty expires May 15, it will be good until August 15. Also, Porsche Financial Services is offering to extend current leases for up to six months. Previously the extensions added two months to the contract. Lessees must submit extension requests by May 31.

Toyota/Lexus 

Both the Toyota and Lexus divisions offer deferred payments for 90 days in some circumstances on both new as well as certified used vehicles. The offer applies to purchased vehicles only, and financing must be through Toyota or Lexus financial services. This offer applies to Tier 1+ through Tier 3 customers. Contracts have a maximum term of 72 months.

Volkswagen

Volkswagen is offering up to 180 days of deferred payments to customers who purchase and finance a vehicle through VW cred. Offer expires April 30, 2020. The automaker is also offering 0-percent financing for up to 72 months. For existing owners using Volkswagen Credit and affected by COVID-19, VW is offering 90 days of payment deferral. Additionally, Volkswagen is offering lease extensions up to 6 months and waiving past maturity fees for some cases.

Financial Institutions

Ally

One of the largest banks specializing in auto loans is Ally. For its current customers, Ally offers auto loan payment deferrals up to 120 days. The bank dispenses its late fees. It notes that interest accrues on the deferred amount. Borrowers taking out new loans can defer their first payment 90 days.

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