aid in a time of need
Here’s How Car Companies Are Helping Buyers and Owners Out Right Now
Let’s face it: these are uncertain times. The fast-moving global spread of the coronavirus known as Covid-19 has generated tremendous financial uncertainty across the United States — indeed, most of the world. For many buyers, this is far from the optimal time to make a new car purchase — or perhaps even to be making car payments. Yet having a car remains a vital part of life for millions of Americans.
Carmakers know this, and they’re looking to provide some aid. Some automakers have already stepped in to offer customers some relief — whether that’s deferring monthly payments, covering those payments in the event of a job loss, or offering generous financing deals.
Here are the ways car companies are responding to help Americans out right now. (We’ll update this post as we learn about additional ways companies are providing relief.)
Fiat Chrysler announced 0% financing for up to 84 months and 90-day payment deferrals for new buyers on select 2019 and 2020 Chrysler, Dodge, Jeep, Ram, Fiat, and Alfa Romeo models. FCA also launched a new online retail experience that will allow customers to begin the purchase process online, connect with a local dealer to finalize it, and have the new car delivered.
Ford has announced a “Built to Lend a Hand” program that will provide new customers with up to six months of payment relief. Buyers can defer payments up to three months. Ford will cover another three months of payments. The offer is available for all 2019 and 2020 vehicles except the 2020 F-Series Super Duty.
The carmaker hasn’t made any explicit offers to all its existing owners, so far as we know — but Ford Credit is urging customers seeking payment relief to contact them through Ford Credit Support, the FordPass app, or on a special hotline at 1-800-723-4016.
Ford is offering 0 percent APR financing for up to 84 months on 2019 models through March 31, 2020.
GM told Reuters they will work with customers on a case-by-case basis for payment deferrals and waving late fees. GM brands are offering up to seven years of 0-percent APR financing on select vehicles. (You can find the offers on each car here.)
Chevrolet is offering some form of 84-month 0-percent financing on every vehicle except the Trailblazer, Traverse, Tahoe, Silverado 2500 and 3500 HD trucks and the C8 Corvette.
GMC is offering up to 84 months of 0-percent financing on the Sierra, Acadia, and Terrain. Yukon and Yukon XL models are eligible for 60 months of 0 percent financing.
Cadillac is offering 0 percent APR for 60 months on the XT4, XT5,and XT6 SUVs.
Current Genesis owners can get up to three 30-day payment deferrals in the event of a health crisis-related job loss or being unable to work while caring for loved ones. Current lessees can contact Genesis Finance expiring in the next 60 days to extend their current agreements.
New Genesis customers who buy before April 30, 2020 can receive up to six months of payment deferments in the event of a job loss.
Hyundai is offering to defer payments on select new vehicles for 90 days. For new owners who buy or lease between March 14 and April 30, 2020, Hyundai will cover up to six months of payments in the event of a job loss due to Covid-19.
Jaguar Land Rover
Jaguar Land Rover announced two programs for April and May. New buyers can get 0% financing for 72 months on all 2020 Jaguar and Land Rover models as well as the 2021 F-Type. Current lease customers can extend their Jaguar or Land Rover vehicle by up to six months. They can also get two $750 payments covered on a new lease for any 2020 Jaguar Land Rover vehicle except the Range Rover, Range Rover Sport, and Defender.
Nissan is offering a 90-day deferred payment option for new customers financing a vehicle for up to 72 months. Eligible 2020 models include the Sentra, Altima, Maxima, Kicks, Rogue, Rogue Sport, Murano, Pathfinder, Armada, Frontier, Titan, Titan XD, Leaf, and NV200.
Current customers can call a Nissan hotline at 1-800-456-6622 to discuss their options.
Subaru is offering 0 percent APR financing for up to 63 months on 2019 and 2020 models of the Outback, Forester, Ascent, Impreza and Legacy through April 30, 2020. Customers can get 0.9 percent APR financing on the WRX, BRZ and Crosstrek.
VW is offering 180-day payment deferral and 0 percent APR financing for up to six years on all 2019 and 2020 models. That said, buyers need Tier 1 or Tier 2 credit (generally speaking, a credit score between 660 and 740) to take advantage of the financing offer.
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