Chevrolet Coronavirus Financial Relief and New Car Incentives

The world is a much different place than it was just several weeks ago. In January, rumblings of a serious and potentially deadly virus were bubbling up in China. The activity occurring in the region got the full attention of the United States, and by the end of January, travel bans were beginning to be implemented around the globe. We are in the midst of an unprecedented time, as the citizens of the world try to stave off this deadly pandemic and keep their friends and family safe.

Chevrolet Coronavirus Financial Relief and New Car Incentives

Chevrolet, a division of General Motors based in Detroit, Michigan is among the many companies and manufacturers who find themselves in the crosshairs of the Coronavirus. A combination of issues including suspended production and a decrease in demand has caused Chevrolet to make a number of difficult decisions to help their employees, partners and owners through this unstable and precarious situation.

Chevrolet also added its name to the growing list of automakers who have created programs and Coronavirus car payment plans.

Chevrolet Customer Relief Programs - Find the best deals!

Chevrolet understands that the Coronavirus has caused financial complications for many of its current and future customers. In the wake of the COVID-19, Chevy has announced several initiatives to assist its customers.

The company is offering to waive certain late fees on loans and leases from March 1st through April 30th, to help ease the financial burdens of its owners and lessees. Chevrolet has stated that customers do not need to take action to receive this offer, the fees will be automatically waived by the company. Therefore, there is no need for owners to contact customer service.

Additionally, existing customers who financed through GM Financial (GMF) have the option to request payment deferral if they find themselves in a tough financial situation. Chevrolet is encouraging customers to contact GMF to discuss these deferment options, though it should be noted that the company stated a late payment may be a better option for some customers, so as not to accumulate any additional interest on their loan. Existing lease customers are being offered an automatic one-month lease extension for individuals who are near the conclusion of their lease term.

Customers can reach Chevy directly at 1-800-222-1020, and also online at Customers will have the option to live chat with customer service and discuss their issues or concerns with a representative. Payment waivers and deferral eligibility will be based on individual circumstances.

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Chevrolet New Car Incentives - Find the best deals!

Chevrolet has also recently announced several incentives to help customers get into new vehicles. The automaker is offering interest-free APR financing for 84 months on most 2019 Chevy models, 2020 Equinox, Silverado 1500, and Trax models for well-qualified buyers. Customers must accept delivery by April 30th, 2020 to take advantage of this offer, and payment deferrals are not available on leases. Chevy is also offering payment deferral options for up to 120 days on most Chevy models financed through GMF.

The auto brand is also offering a sign-and-drive deal that consists of $0 down with no security deposit and no payment due for the first 30 days. Customers need only pay tax, title, license, and dealer fees, and the process is complete. This offer is only available to well-qualified customers.

Chevrolet’s parent company, GM, is also offering a First Responder discount between April 1st and June 30th. This offer is being extended to healthcare professionals on the frontlines of the Coronavirus pandemic. Chevrolet requests First Responders and Healthcare personnel to contact the company online at Chevrolet also encourages customers to contact their local dealership directly to discover the company’s most current offers available in the area. Offers and available programs may vary by location.

Chevrolet Factory Closures - Find the best deals!

Chevrolet closed its factories on March 18th, initially with the plan of resuming production on March 30th. However, with shelter-in-place orders being extended throughout the nation due to growing fears surrounding the COVID-19 pandemic. The automaker is expected to re-examine the situation on May 1st and make a decision at that time on when it plans to re-open its facilities.

GM, Chevrolet’s parent company, currently has 32 facilities in North America that manufacture many different parts for the automaker. The closures have resulted in the furlough of over 6,000 salaried employees and thousands of manufacturing jobs. As a whole, the suspension of operations at these facilities leaves hundreds of thousands of employees idle and unable to produce income.

In response, Chevrolet has implemented remote working options for essential employees and has taken the shutdown time to deep clean its facilities and revamp work stations, implementing updated safety requirements to promote social distancing in the workplace.

Chevrolet Economic Outlook and Sales Forecast - Find the best deals!

2020 started with a bang for many businesses and organizations. A booming stock market combined with the lowest recorded unemployment in our country’s history created a growing sense of hope around the future prosperity of our nation. But in less than 3 months’ time, millions of people have lost their jobs and the world as we know it has ground to a screeching halt. Vehicle demand has dropped nearly 40% in recent weeks, and the future of the economy as we know it is more unknown than ever.

Chevrolet, along with many of its competitors, has declined to offer guidance to this point on sales projections for the rest of the year. The incredible instability and constantly changing effect of the Coronavirus on the automobile industry makes it very difficult to accurately predict future sales. But there may be light at the end of the tunnel, according to Moody’s Investment Group. The firm states that there may be a possibility for sales to improve during the fourth quarter if the virus can be slowed and the nation can begin returning to work soon.

J.D. Power released a statement regarding its 2020 outlook of 16.8 million U.S. light-vehicle sales, an outlook that was calculated before the globe was ground to a halt because of COVID-19. Due to the substantial strain the virus has put on the entire economy, it is no longer feasible to realistically attain these figures. J.D. Power expects sales to likely fall in the range of 14 to 16 million units due to the growing recovery efforts ahead due to the Coronavirus.