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Auto Manufacturers Create Coronavirus Car Payment Plans & Programs in Bid to Boost Flagging Sales

With the COVID-19 outbreak changing minute by minute, millions of Americans are facing unemployment and financial strain. Due to the drastic economic shift, many are unable to pay essential bills, including car payments.

To help lessen the stress and worry of not being able to make a car payment, auto manufacturers are creating car payment programs for individuals facing financial hardship due to the novel coronavirus. Additionally, new promotions are being implemented to help individuals who are interested in purchasing a new vehicle.

Auto Manufacturers Create Coronavirus Car Payment Plans & Programs in Bid to Boost Flagging Sales

Many of the major manufacturers, including Acura, Honda, Kia, Nissan, Ford, Toyota, Hyundai, General Motors, Porsche, and Fiat-Chrysler, have already rolled out their Coronavirus car payment plans and programs. Other well-known manufacturers have yet to reveal their initiatives but have plans in the development phase. Since updating the payment plans during this crisis is essential to help calm any fears of repossessions and car loan defaults, it's likely that other companies will also soon follow.
The quick implementation of sales support and other incentives is possible in the auto industry because many auto manufacturers have existing plans. Similar plans are already in place to help provide support to consumers who experience periods of financial uncertainty.

For US auto owners impacted by the novel coronavirus, finance firms like Honda Financial Services, GM Financial, Toyota Financial Services, Nissan Motor Acceptance Corporation, Ford Credit, Lexus Financial Services, and Hyundai Capital have delayed payment options in place. Chrysler Capital and Ally Financial, which are the primary financing options for Fiat-Chrysler models, are also implementing relief options for new car purchases.

What the Auto Manufacturers' Offers Mean for Consumers

With various options available for those with car payments and those considering purchasing a vehicle, it's essential to know the possibilities. Even for consumers who didn't use an automaker's direct financial institution, this is a crucial time to reach out to the institution that provided the loan, especially if you're anticipating having trouble with payments due to the novel coronavirus.

By reaching out to the financial institution that's handling your loan, you can begin to discuss your options immediately. Many payments may be eligible for flexible payment arrangements and payment extensions. Lease agreements may also be applicable for deferred payments, depending on your circumstances.

 
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Purchasing a New Vehicle During the Coronavirus

With self-isolation and social-distancing becoming the norm for many Americans, online car shopping options are available from many dealerships. GM's "Shop. Click. Drive." initiative is one such example available at individual dealerships.

GM's program allows customers to browse a dealership's inventory online at any time of the day without an appointment, and even outside of regular dealership hours.

Ford, Kia, and Porsche are also offering online services at many dealer locations that allow shoppers to conduct online transactions and receive home delivery, with more automakers looking to make a shift to online servicing.

Programs like these allow customers to handle all steps of the car buying process remotely. You don't need to visit a showroom to select your preferred vehicle. Car buyers can estimate the trade-in value of your current vehicle, determine the inclusion of accessories, establish price and payment, and even schedule a delivery to your home.

For those that would prefer to visit the dealership directly, most areas of the country still have locations open. Aside from the sale of vehicles, customers who have purchased vehicles are still able to come in for service as well. Before heading to a dealership, you should confirm the location's policy by calling in advance to learn your options.

Since the coronavirus situation is changing quickly, keep in mind that rules and regulations for businesses are likely to change. If you wish to visit a dealership in-person, it's always a good idea to call ahead and continue to follow social distancing and other regulations as determined by your state, city, or county.

With these options available, vehicle manufacturers are hoping to provide an incentive for buyers even in a rough economic time.

COVID-19 Car Payment Plans for Current Owners and Lessees

If you are a current car owner, here are what major automakers have available for their customers:

Acura - Find the best deals!

Acura is offering current lessees and owners using Acura Financial Services the following options:

  • Payment deferrals, payment extensions, and late payment fee waivers for those who meet eligiblity requirements
  • Support from Acura Financial Services representatives that are specially trained to help those affected by COVID-19

Customers who have financed through AFS are encouraged to visit AcuraFinancialServices.com for details on payment options.

Audi - Find the best deals!

Current Audi lessees and owners can receive assistance to help them through the coronavirus pandemic by contacting Audi Financial Services.

BMW - Find the best deals!

Current BMW lessees and owners needing assistance during the coronavirus pandemic can contact BMW Financial Services directly for help. 

Fiat-Chrysler (Includes Alfa Romeo, Ram, Jeep, Chrysler, Fiat, and Dodge) - Find the best deals!

For buyers and lessees with financing through Chrysler Capital, Fiat-Chrysler is offering payment extensions for current customers on a case-by-case basis and flexible payment arrangements for those that qualify.

For customers financed through Ally financial, deferments of up to 120 days are available without penalty of late fees. However, finance charges will still apply.

Ford Motor Company - Find the best deals!

Ford is offering current owners and lessees assistance through flexible payment arrangements and payment extensions on a case-by-case basis. This applies only to customers financed through Ford Credit who have been affected by the COVID-19 pandemic. Contact Ford Credit to determine if your situation meets their requirements.

General Motors (Including GMC, Buick, Chevrolet, and Cadillac) - Find the best deals!

For current GMC, Buick, Cadillac, and Chevrolet owners and lessees financed through GM Financial, General Motors is reviewing potential payment changes in their customers' billing cycles on a case-by-case basis. Possible relief options include payment extensions and flexible bill dates. GM is also providing its connected vehicle owners with Wi-Fi, and OnStar Crisis Assist free of charge.

GM customers who have received financing elsewhere are encouraged to contact their lender for assistance if negatively impacted by COVID-19.

Genesis - Find the best deals!

Genesis is providing up to 90 days of deferred payments for current customers and six months of fully covered payments for new owners who are:

  • Financing through Genesis Finance,
  • Lose their jobs by December 31, 2020, and
  • Have purchased or leased their vehicle between March 14 to April 30, 2020

Honda - Find the best deals!

Current Honda owners and lessees financed through Honda Financial Services who have been affected by the COVID-19 pandemic can apply for late fee waivers, payment extensions, and payment deferrals for up to 60 days. Account holders are encouraged to contact their regional service center where specially-trained representatives are available to help.

Hyundai - Find the best deals!

Current Hyundai customers can receive deferred payments for up to 90 days. New owners can get fully covered auto payments for up to six months if:

  • Their vehicle purchase or lease is through Hyundai Capital
  • They lost their job between now and December 31, 2020, and
  • Their vehicle purchase or lease date was between March 14 and April 30, 2020
  • Further, Hyundai came out with a 'contactless' services at dealerships, as well as, expanded its warranty protection for older models to disallow their expiration between March and June.

Infiniti - Find the best deals!

Current owners and lessees financed through Infiniti Financial Services who have been impacted by the coronavirus pandemic can qualify for payment extensions and flexible payment arrangements on a case-by-case basis.

Jaguar/Land Rover - Find the best deals!

Relief options for current customers financed through Jaguar Land Rover Financial Group include the following:

Lessees with expiring leases can extend their lease for up to six months. Those lessees who choose to sign up for a new lease will have two payments waived, up to $750 per payment.

Kia - Find the best deals!

Current Kia customers who have leased or purchased a vehicle can be elegible for up to 90 days of payment deferrals on a month-to-month basis if they have:

  • Leased or purchased the vehicle prior to March 14, 2020 through Kia Motors Finance
  • Are caring for themselves or other household members, and
  • Have lost a job or are temporarily unable to work due to the COVID-19 crisis

Lexus - Find the best deals!

Lexus is reviewing customers with financial concerns due to the coronavirus pandemic for potential flexible payment arrangements or payment extensions. This will be done on a case-by-case basis. Owners must be financed through Lexus Financial Services to qualify.

Maserati - Find the best deals!

No programs announced to date.

Mazda - Find the best deals!

Current owners financed through Mazda Capital Services can seek payment extensions and flexible payment arrangements on a case-by-case basis.

Mercedes-Benz - Find the best deals!

Current Mercedes-Benz owners and lessees who are financed through Mercedes-Benz Financial Services should contact them for payment assistance if negatively impacted by the COVID-19 pandemic. 

Mini - Find the best deals!

Current Mini owners and lessees with vehicle maintenance plans or warranties expiring between March 16 and April 16, 2020, will receive a 30-day extension. Customers needing payment assistance, or those with an expiring lease, should contact Mini Financial Services to learn about the options available.

Mitsubishi - Find the best deals!

Current Mitsubishi lessees and owners who have been financially impacted by the coronavirus pandemic can receive up to 120 days of payment deferrals. This option applies only to customers who are financed through Ally Financial. Those with alternative lending arrangements should contact their lenders directly for assistance.

Nissan - Find the best deals!

Current Nissan owners and lessees financed through Nissan Motor Acceptance Corporation who need payment assistance due to COVID-19 or a resulting job loss may be eligible for payment deferrals or extensions on a case-by-case basis. 

Nissan owners and leaseholders not using Nissan Motor financing will need to set up rescheduled payments directly through their lenders and leasing companies. These organizations will award adjusted billing dates on a case-by-case basis.

Porsche - Find the best deals!

For current Porsche lessees financed through Porsche Financial Services, leases due to expire in April can be extended for up to six months (four months longer than usual). Lease payment deferrals for current customers facing financial hardship are available for 30 to 60 days on a case-by-case basis. Additionally, many local Porsche dealerships are now providing customers with valet service for repairs and maintenance.

Subaru - Find the best deals!

There are no announced programs for current Subaru owners and lessees to date.

Tesla Find the best deals!

Tesla is working to keep customers and workers safe by reducing the contact lessees and owners have with the Tesla Rangers (those who perform on-site services or transport a vehicle to a facility where it can be repaired).

Toyota - Find the best deals!

Toyota's coronavirus plan for current vehicle owners includes case-by-case allowances of payment extensions and flexible billing arrangements. While most of these offers apply to those who have purchased their vehicle through the automaker's associated financing company, there are still options. 

If you suspect issues with your upcoming vehicle payments, the best course of action is to contact your lender or finance company directly to learn your options for deferred payments or an amended payment plan.

Volkswagen - Find the best deals!

Current Volkswagen customers affected by the COVID-19 crisis can qualify for up to 90 days of payment deferrals if they are financed through Volkswagen Credit, free of any associated fees. Auto loans will still be subject to finance charges. In some circumstances, customers can have end-of-loan fees waived. Qualifying lessees can request up to six months of lease extensions. Some local dealers now offer customers needing maintenance or repair work pick-up and drop-off valet services.

Volkswagen customers with alternative financing should contact thier lender to learn about payment relief options.

Volvo - Find the best deals!

Current Volvo owners or lessees who are dealing with financial issues due to the COVID-19 crisis should contact Volvo Car Financial Services to review payment options or request an extension on a lease. Volvo customers who didn't finance through the company's finance arm should contact their lender to determine payment options.

COVID-19 Car Payment Plans for Prospective Buyers

For those considering purchasing a vehicle soon, manufacturers have these novel coronavirus incentives currently available:

Acura - Find the best deals!

New buyer incentives through Acura Financial Services include a 90-day first payment delay, $500 loyalty cash with the lease or purchase of a new Acura, and low-interest-rate when purchasing a certified used RDX or TLX through June 1, 2020. Healthcare professionals and first responders will receive a $500 discount when financing a lease or purchase through AFS.

Audi - Find the best deals!

No program incentives have been announced for prospective Audi buyers. 

BMW - Find the best deals!

BMW is offering prospective buyers 90 days of deferred payments on new or certified pre-owned BMWs. This offer is only available in certain states and is valid for BMW Retail purchases only. To take advantage of this offer, purchases must be made between March 1 and June 30, 2020.

Fiat-Chrysler - Find the best deals!

Fiat-Chrysler has multiple COVID-19 new buyer incentives available on specific years and models of vehicles:

  • 84 months of zero-percent financing on some Ram trucks, Dodge, and Jeep vehicles
  • 60 months of zero-percent financing on 2020 Chrysler Pacifica models
  • 90 days of deferred payments on non-hybrid Pacifica models
  • 90 days of deferred payments on some 2019 and 2020 models

Ford Motor Company - Find the best deals!

For prospective buyers financing through Ford Credit, Ford is offering a six-month payment leeway incentive. Through this program, Ford will pay the equivalent of your first three payments, and you will then have the option to defer payment for up to three months when your car is delivered by 4/30/2020. This offer is based on specific models and a maximum purchase amount. For added safety and convenience, buyers can shop online for their new vehicle and have it delivered to their home or business. 

General Motors - Find the best deals!

Prospective GMC, Chevrolet, Cadillac, and Buick buyers financing through GM Financial are incentivized with 84 months of interest-free financing on a number of models. Additionally, qualified buyers can get up to 120 days of deferred payments for certain popular vehicles, including the Chevrolet Silverado, GMC Sierra, Buick Encore, and others. Buyers can take advantage of other regional incentives by checking the brands' websites for deals in their local area. Buyers can also shop online and have their new vehicle delivered to their home. First responders are eligible for special discounts on select models. 

Genesis - Find the best deals!

For new buyers, Genesis is offering 84 months of no-interest financing and up to 120-day payment deferrals on 2019 G70 models with delivery by the end of April.

Genesis is also offering customer rebates and low-rate financing on their G80 and G90 sedans in order to clear inventory. Vehicles must be financed through Genesis Finance to qualify for these special offers.

Honda - Find the best deals!

For new buyers financing through Honda Financial Services, incentives include:

  • 90-day first payment deferral for new vehicle purchases (for qualified buyers)
  • $1000 of loyalty cash towards the lease or purchase of a new Honda (some exclusions apply)
  • Low-interest financing for certified used CR-V, Accord, and Civic models purchased between April 17 and June 1, 2020

Hyundai - Find the best deals!

Incentives for prospective Hyundai buyers include deferred payments for up to 120 days on select vehicles and 0% financing for up to 84 months on purchases through April 30, 2020.

To help customers lease or purchase more confidently, Hyundai is also offering new customers up to six months of payments in the event that the customer experiences a job loss between now and the end of the year. The offer applies to vehicles leased or purchased between March 14 and April 30, 2020.

All offers apply to customers financing through Hyundai Capital.

Infiniti - Find the best deals!

Prospective Infiniti buyers or lessees should contact their local dealerships to learn about special financing offers.

Jaguar/Land Rover - Find the best deals!

Those interested in buying or leasing a Land Rover or Jaguar can take advantage of 72 months of interest-free financing and a 90-day first payment deferrment through May 31, 2020. This offer includes the sporty 2021 Jaguar F-Type. Vehicles must be financed through Jaguar Land Rover Financial Group in order to qualify.

Kia - Find the best deals!

Incentives for new Kia buyers include a 120-day first payment deferral and zero-percent financing once payments begin. Incentivized leases on popular models and customer loyalty programs are also available. New customers can use the online leasing and sales process and home delivery to limit interaction.

Lexus - Find the best deals!

There are currently no programs for new buyers or lessees.

Maserati - Find the best deals!

There are currently no programs for new buyers or lessees.

Mazda - Find the best deals!

There are currently no programs for new buyers or lessees.

Mercedes-Benz - Find the best deals!

There are currently no programs for new buyers or lessees.

Mini - Find the best deals!

Mini has followed suit, similar to manufacturers offering deferred payments, and low APR. Prospective buyers can get up to 90 days of deferred payments, and for up to 60 months or 5 years, can get a low APR of 1.9%. Numerous other payment & lease options are available. Buyers are encouraged to get in touch with Mini, and make sure that the delivery is done by April 30th. 

Mitsubishi - Find the best deals!

New buyers financing through Ally can get up to 90 days of deferred payments upon qualification. Mitsubishi is also offering 0% financing for up to 60 months on 2019 and 2020 models, with as much as $1,250 in bonus cash. Rebates of up to $3,000 are available on certain 2019 models purchased without financing. Check with your local dealer about current lease deals available. These incentives run through April 30, 2020.

Nissan - Find the best deals!

Nissan is offering the following new car incentives for prospective lessees and buyers financing with Nissan Motor Acceptance Corporation:

  • New buyers can qualify for a special low APR loan and 90 days of deferred payments.
  • Special lease and financing rates are available locally/regionally, including 0% financing and no money down on select models in certain parts of the country. Contact your local dealer for details.

Porsche - Find the best deals!

While Porsche isn't offering any COVID-19 incentives, there are already a number of deals in place nationally for several models. See your local dealership for new car incentives. Porsche is also offering prospective buyers its online retail program, where customers can take care of the whole transaction online, complete with home delivery of a new or certified pre-owned model.

Subaru - Find the best deals!

Incentives for prospective Subaru buyers include deferred payments for up to 90 days and 63 months of 0% financing for select models purchased by April 30, 2020. Purchases must be financed through Subaru Motors Finance to qualify. To date there are no leasing incentives.

Tesla Find the best deals!

While there are currently no new car incentives available, Tesla is offering Express Delivery and Direct Drop services. Direct Drop, which is offered in certain states, allows the customer to complete much of the paperwork digitally. These services will help limit face-to-face interactions to protect both customers and staff.

Toyota - Find the best deals!

While there are no national incentives available to date, buyers and lessees can take advantage of local or regional deals. For example, some areas offer incentives for prospective Toyota buyers and lessees which include a 90-day payment deferral on certified-used and new vehicles.

Volkswagen - Find the best deals!

Volkswagen's new car incentives are designed to offer peace of mind to buyers. Those who purchase a new vehicle and are concerned about possble short-term unemployment due to COVID-19 can delay their first payment for up to 180 days. This offer, coupled with 0% financing for 72 months, is available to qualified buyers through April 30, 2020. The offer is good on most vehicles when financed through Volkswagen Credit.

Volkswagen is also offering a four-year or 50,000 mile limited warranty and free scheduled maintenance for two years or 20,000 miles (whichever comes first).

Volvo - Find the best deals!

Volvo has not announced any new car incentives to date. However, for the safety and convenience of new Volvo buyers and lessees, Volvo does provide online shopping and home delivery services.

Remember that, as the situation develops, these plans and offers may change. Other manufacturers not listed here may or may not have similar offers available. When in doubt, ask your lending or leasing agency or your auto dealer what options are now available for you due to COVID-19 concerns.