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General Motors Coronavirus Financial Relief and New Car Incentives

Social distancing. Business closures. Workers at a standstill. This is the reality of our world today due to the Coronavirus pandemic that has swept over the globe. With the peak of infections still thought to be weeks away in many regions, the economic outlook for millions across the nation is now more uncertain than ever. In response, GM is taking initiative to assist its customers in purchasing new vehicles in addition to providing financial assistance to current customers.

GM Coronavirus Financial Relief and New Car Incentives

Slowing the spread of COVID-19 remains top priority for our world leaders, as the virus has already dramatically impacted the global economy and temporarily shut down businesses across the nation. Adding insult to injury, the pandemic comes at a time when the auto industry was celebrating one of its best February sales months in years.

GM is one of the many automakers taking part in initiatives to slow the spread of the Coronavirus, while also working diligently to maintain business operations and keep its employees working. This is a summary of the Coronavirus financial relief efforts and new car incentives that GM has created in response to the global pandemic.

General Motors Customer Relief Programs - Find the best deals!

Sudden business closures around the nation have resulted in the abrupt, unexpected layoffs of millions of Americans. This sudden loss of income puts recent car buyers in a precarious situation when it comes to making their monthly payments on time. In response to this crisis, General Motors has instituted a program that offers delayed payment options to customers in the U.S. who are affected by the Coronavirus pandemic.

Chevrolet, GMC, Buick, and Cadillac customers who financed an auto loan or leased a vehicle through GM Financial are being encouraged to contact the company and discuss their relief options. GM is offering qualified customers a number of flexible payment arrangements or payment extension plans to assist its customers. GM is another automaker adding its name to the list of brands offering Coronavirus Car Payment Plans.

To contact GM Financial, links to their websites and information around the Coronavirus relief efforts can be found at the links below for each of the individual GM brands:

Chevrolet: chevrolet.com/chevy-cares-were-open

GMC: gmc.com/here-to-help

Buick: buick.com/here-to-help

Cadillac: cadillac.com/we-have-your-back

For GM customers who financed or leased vehicles with a lender other than GM Financial, you are encouraged to contact your lender institution directly in order to discuss options around payment relief and other incentives.

Additionally, General Motors is making OnStar Crisis Assist services available for all of its connected vehicle owners during this crisis.

 
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General Motors New Car Incentives - Find the best deals!

Though substantial efforts are being invested in providing relief to consumers around payment deferments and other sources of relief, GM is also offering generous incentives on new vehicle purchases as well. These incentives are available on a number of models from its Chevrolet, GMC, Buick, and Cadillac brands.

In addition to these incentives, GM is also offering interest-free financing for 84 months on a selection of models, making it the longest zero-percent financing offer on record from a major automaker. Well-qualified buyers also have the option to defer the first payment for up to 120 days on a majority of 2019 models still in stock, including a number of popular 2020 models as well. Some select models that qualify for the 120-day payment deferral are the Chevrolet Silverado, Chevrolet Trax, Chevrolet Bolt EV, Chevrolet Equinox, Buick Encore, and the GMC Sierra.

The vehicle must be financed through GM Financial to qualify for these benefits. However, there are additional vehicles that offer the 120-day payment deferrals and more incentives for consumers. These incentives are available regionally, and customers are encouraged to check the brands' website in order to see the incentives available in your ZIP code.

Due to the shelter-in-place order that is active in much of the nation, it may prove difficult to visit a dealer in person. GM's "Shop. Click. Drive." program allows customers to browse the inventory of their local dealership on desktop or mobile devices. Prospective customers have the option to choose a vehicle, determine trade-in value or their current vehicle, and set up the complete purchase of their new automobile without ever leaving the comfort of their home.

General Motors Factory Closures - Find the best deals!

A senior General Motors spokesperson stated that the automaker has begun implementing a systematic suspension of its manufacturing operations in North America until further notice. While the initial suspension was expected to last at least through the month of March, the latest shelter-in-place orders make it likely that the company will continue to halt production through at least the end of April.

General Motors noted that the production stoppage was "due to market conditions, to deep clean facilities and continue to protect people." Production status for GM (and most auto manufacturers in North America) is to be evaluated on a week-to-week basis.

GM currently employs roughly 50,000 hourly workers, and the COVID-19 crisis is expected to leave a majority of them idle until the manufacturing plants are reopened. However, the company has not yet announced product suspensions in its factories outside North America. General Motors currently operates or co-operates plants in Asia, South America, and the Middle East.

A spokesperson for General Motors told J.D. Power that the company's parts distribution operations will continue to function in order to serve their customers during the Coronavirus outbreak. This means GM is actively delivering service and repair parts to its dealers and customers, and the company’s service operations will continue to remain open for business at many nationwide GM brand dealerships.

General Motors Economic Outlook & Sales Forecast - Find the best deals!

As a result of the unknown, uncertain future that awaits both businesses working Americans, General Motors spokespeople declined to comment thus far on the effects the crisis would have on vehicle sales in the U.S., and on GM's sales projections for 2020. As is the case with nearly every automaker during this crisis, it’s more likely than not that GM will experience a substantial dip in sales over the coming weeks.

"This is a very fluid situation," a spokesperson for GM told J.D. Power. "We don't have any estimates or forecasts to provide right now."

It may be true that the best-case scenario strongly suggests a major shortfall in comparison to 2019 sales. However, there are some factors that may provide a ray of hope for both automakers and consumers. Vehicles are considered durable goods and they have historically demonstrated the ability to recoup lost sales resulting from short-term disruptions in the market. As a result, the auto industry may be one of the most adept industries when it comes to rebounding from the virus-related sales disruption. Of course, the extent and speed of the recovery will be directly influenced by the overall economic environment following the pandemic.

Notably, J.D.Power states that its 2020 outlook of 16.8 million U.S. light-vehicle sales - an outlook projected before the globe was ravaged by the Coronavirus - is no longer realistically attainable. J.D.Power expects that sales will likely fall in the range of 14 to 16 million units as a result of the fallout from COVID-19.