Honda Coronavirus Financial Relief and New Car Incentives

As the world tries to come to grips with the reality of the Coronavirus pandemic, the resulting economic havoc it has created has brought about anxious, uncertain feelings in our communities. During these difficult times, Honda has taken it upon itself to assist its customers in purchasing vehicles and provide much-needed aid to the communities it serves around the world.

Honda Coronavirus Financial Relief and New Car Incentives

Though the world is collectively working together to ‘flatten the curve’, the peak of Coronavirus infections in the U.S. is believed to still be weeks away. A growing number of cities and states have already instituted critical restrictions on both personal interactions and business operations.

While efforts continue to dramatically slow the spread of COVID-19, the virus has already severely restricted commerce and all but shut down business for many companies. The pandemic has undertaken a dramatic shift in just the past 30 days. Prior to the Coronavirus outbreak, the auto industry was collectively in the midst of one of its best February sales months in recent history.

Honda joins the growing list of automotive companies that seek to do their part in slowing the pandemic and helping to heal the sick, while simultaneously attempting to keep its employees working and their business operating. This is a summary of the Coronavirus financial relief efforts and new car incentives that Honda has created in response to the COVID-19 crisis.

Honda Customer Relief Programs - Find the best deals!

In response to the negative impact of the Coronavirus, Honda Financial Services (HFS) is offering assistance to current customers. With the surge of Americans losing their paychecks seemingly overnight, it’s fair to assume that the coming days may prove difficult for recent car buyers. Making their monthly payments on time will likely be challenging for many, so Honda has added its name to the list of manufacturers coming up with Coronavirus Car Payment Plans.

Existing customers who financed or leased a new vehicle through HFS may be eligible for late-fee waivers and payment extension and deferral options of up to 60 days. Additionally, HFS account holders who find themselves in need of extra assistance due to the COVID-19 crisis are encouraged to contact their regional service center for personalized help. Trained representatives are on hand to provide assistance.

HFS account holders are encouraged to utilize Honda’s online self-service capabilities for routine payment and account management functions as well as general inquiries to help in easing call volumes during the pandemic.

Honda owners and lessees who financed or leased vehicles with a lender other than HFS are encouraged to contact your lender institution directly in order to discuss payment relief options and other incentives.

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Honda New Car Incentives - Find the best deals!

With job security a top-of-mind concern, Honda is offering lengthy payment deferrals to those who purchase their vehicles soon. Honda's "90 Days to First Payment Program" features a 90-day deferral of the first payment on all new vehicle sales financed by Honda Financial Services for retail customers. The offer is for customers who meet financial qualifications, and it is not available in the state of Florida.

In addition to payment deferments, Honda is also offering "Loyalty Purchase Assistance Cash”, which provides customers up to $1,000 toward the purchase or lease of a new Honda, though vehicle model exclusions do apply. Honda also announced special interest rates on certified pre-owned models like the Accord, Civic, and CR-V on deals made from April 17th to June 1st, 2020.

As it stands today, most Honda dealers are still open for business and ready to support customers' sales, service, and parts needs throughout the nation. But the company did state that some of its dealers may encounter temporary closures or changes to their schedules and services as a result of the COVID-19 crisis.

Honda Factory Closures - Find the best deals!

As a result of the growing health concerns and equally growing emphasis on social distancing, Honda initially suspended production at its North American manufacturing facilities for six days beginning March 23rd, before subsequently extending that suspension an additional five production days. Production was scheduled to resume on April 7th, but the latest shelter-in-place orders make it likely that the company will continue to halt production through at least the end of April.

In turn, Honda transmission and engine plants in North America - the factories that serve Honda auto assembly facilities - have also suspended production for the same period. The suspension of production is likely to result in a decrease of about 70,000 vehicles being produced in North America this year.

Nearly 30,000 Honda workers in North America have been affected by the temporary suspension of the company’s automobile plants. But Honda has stated it will continue to pay 100% of its employee’s salaries for its associates and essential workers during this pandemic.

As the global impact of the Coronavirus situation continues to evolve, Honda will proceed to evaluate conditions as they develop and make adjustments accordingly. Honda says it will also use the production downtime to continue efforts to deep clean its production facilities and common areas in an effort to further protect its workers upon their return to work at its facilities.

Honda Economic Outlook & Sales Forecast - Find the best deals!

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

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.