As the COVID-19 pandemic wreaks economic havoc across the world, with the U.S. being no exception, folks are worried about making their car payments and possibly even repossession. Automakers who do a lot of financing with their customers understand this, and some of them have taken action to help drivers struggling to make their payments because of an unexpected change to their income. Even if your income isn’t impacted by the coronavirus, it’s a buyer’s car market right now. Some automakers are even stepping up and using some of their resources to help produce much-needed medical equipment.
Here are automakers offering payment assistance, deferrals and special financing during the coronavirus crisis.
Current Acura owners and lessees financing through Acura Financial Services may be eligible for payment extensions, payment deferrals, and late fee waivers. Prospective Acura buyers can get 90 days of deferred payments if they finance through Acura plus get $500 in loyalty cash to buy or lease a new model. Acura is running special low-APR financing on CPO TLX and RDX models. Click here for information on how to contact your local Acura Financial Services office.
Audi Financial Services is offering assistance to Audi owners and lessees on a case-by-case basis and can be contacted at 888-237-2834.
BMW Financial Services is offering assistance to BMW owners and lessees on a case-by-case basis and can be contacted at 800-578-5000.
Fiat-Chrysler (Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, Ram)
Current Fiat-Chrysler owners and lessees can make flexible payment arrangements and qualify for payment extensions on a car-by-case basis. For perspective FCA buyers, there’s a special financing promotion for 0% APR financing for 84 months on select Dodge, Jeep, and Ram models. You can also get deferred payments for 90 days on select 2019 and 2020 FCA models. There’s another promo running for the 2020 Chrysler Pacifica with 0% APR financing for 60 months with 90 days of deferred payments. Chrysler Capital can be contacted at 885-563-5635.
Buyers of a new car from the blue oval can have the option of delaying their first payment for up to 90 days. They’ve also stated that current customers affected economically by the coronavirus should reach out to Ford Credit to discuss delays in payments to assist with financial relief.
General Motors (Buick, Cadillac, Chevrolet, GMC)
GM is making flexible payment arrangements and payment extensions available on a case-by-case basis. GM is also running an attractive incentive of 0% APR financing for 84 months with deferred payments for up to 120 days on select 2020 models and all 2019 models. GM is also offering home delivery for new vehicles. GM Financial can be contacted at 800-284-2271.
The luxury arm of Korean manufacturer, Hyundai, is offering deferred payments for the first 90 days on new vehicles bought from March 14 until April 30. If for some reason purchasers lose their job and are financially affected by coronavirus, buyers can quality for up to six months of payment relief until they get back on their feet. The only Genesis product that qualifies for this program is the 2019 Genesis G70.
Current Honda owners and lessees financing through Honda Financial Services may be eligible for payment extensions, payment deferrals, and late fee waivers. Prospective Honda buyers can get 90 days of deferred payments if they finance through Honda plus get $1,000 in loyalty cash to buy or lease a new model. Honda is running special low-APR financing on CPO Accord, Civic, and CR-V models. Click here for information on how to contact your local Honda Financial Services office.
Parent company Hyundai offers buyers the same terms as Genesis above, deferred payment for the first 90 days after purchasing a car from March 14 through April 30th and the same payment relief, but with a larger selection of vehicles. Check your local dealer for more details.
Infiniti is making flexible payment arrangements and payment extensions available on a case-by-case basis. Infiniti Financial Services can be contacted at 800-627-4437.
Jaguar Land Rover
Jaguar and Land Rover are offering lease payment waiver programs and APR payment deferral programs for prospective drivers. You can get a two-month payment waiver on a lease for all 2020 Jaguar models, the 2021 Jaguar F-Type, and select 2020 Land Rover models for payments up to $750/month. All 2020 Jaguar and Land Rover models are eligible for up to 90 days of payment deferral with an MSRP of up to $100,000. On top of that, JLR is deploying a fleet of vehicles to support emergency responders during the coronavirus pandemic.
Current Kia owners and lessees can get up to three 30-day payment extensions on a case-by-case basis. Prospective Kia drivers can get 0% financing for 72 months with your first payment deferred for 120 days on select models. As of this writing, this promotion is running for cars financed by 3/31/2020. Kia Motors Finance can be contacted at 866-331-5632.
Lexus is making flexible payment arrangements and payment extensions available on a case-by-case basis. Lexus Financial can be contacted at 800-874-7050.
Mercedes-Benz Financial Services is offering assistance to Mercedes-Benz owners and lessees on a case-by-case basis and can be contacted at 800-654-6222.
Mini is offering current owners and lessees a 30-day extension for warranty and maintenance plans expiring between 3/16-4/16. If you need assistance on your payments or have a lease scheduled to expire soon, Mini Financial Services can be contacted at 866-646-4463.
Current Mitsubishi owners and lessees can get up to 120 days of deferred payments for vehicles financed through Ally. Prospective Mitsubishi buyers can get up to 90 days of deferred payments when you finance through Ally. Ally’s auto division can be contacted at 855-298-2559.
Nissan Motor Acceptance Corporation (NMAC) is making payment rescheduling an option for Nissan owners and lessees who need assistance. For prospective owners, 0% APR financing with 90 days of deferred payments is available for select Nissan models. NMAC can be contacted at 800-456-6622.
Porsche is expanding its online retail business, offering no-contact sales and service by picking up and/or delivering your car to your home, and offering payment deferrals of 30-60 days on a case-by-case basis. For Porsche lessees with a lease scheduled to mature through 4/30/2020, you could qualify for a six-month extension on the lease. Porsche Financial Services can be contacted at 800-505-1041. Read more details about Porsche’s response to coronavirus.
Subaru does its financing through Chase and they’re offering payment extensions of up to 90 days and lease extensions for up to six months. For prospective Subaru owners, you could qualify for special 0% APR financing for 63 months on most of the Subaru lineup including Ascent, Forester, Impreza, Legacy, and Outback models. For assistance on a loan, you can contact 800-662-3325 and for assistance on a lease, you can contact 800-644-1941.
Toyota is making flexible payment arrangements and payment extensions available on a case-by-case basis. Lexus Financial can be contacted at 800-874-8822.
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