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Lexus Coronavirus Financial Relief and New Car Incentives

Coronavirus, a term most Americans had never even heard of until a couple of months ago, has now swept over the globe and caused unprecedented disruption to our way of life. In a matter of weeks, countries around the globe began to enact shelter-in-place orders that brought the world’s economy to a screeching halt and crippled the global manufacturing supply chain. There is almost no industry that is more globally connected than the automobile industry, and the effects of this crippled supply chain were felt almost immediately.

Lexus Coronavirus Financial Relief and New Car Incentives

One of the many companies bearing the burdens of this slowdown is Lexus. Lexus is the luxury brand of Toyota, and like it’s competitors, the focus has shifted from maximizing profits to keeping its employees safe and providing assistance to their customers and communities that are dealing with the COVID-19 outbreak.

Lexus is one of many automakers contributing to an expanding list of Coronavirus car payment plans. This includes a number of appealing new car incentives, and various forms of financial relief for its customers who may be in need of financial assistance in the wake of COVID-19. The following is a guide that summarizes Lexus’s relief and incentive programs.

Lexus Customer Relief Program - Find the best deals!

Lexus understands the Coronavirus is causing many of its customers to experience financial uncertainty. The automaker is making it a priority to be available to its current owners and lessees who financed their vehicle through Lexus Financial. LFS customers may qualify for relief like contract payment extensions, while lease customers may have the ability to defer payments. Customers who need assistance with payment deferral options are encouraged to contact an advisor online at www.lexusfinancial.com.

Lexus Financial is also offering options to help customers whose lease terms are set to expire in the near term. LFS can also be reached by phone at 1-800-874-7050.

 
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Lexus New Car Incentives - Find the best deals!

Lexus is putting the “People First” with its new campaign in response to COVID-19. The brand is offering well-qualified customers the option to defer their first payment for up to 90 days on all new and Lexus Certified vehicle purchases financed with Lexus Financial. While payment deferments will postpone your next payment due date, interest will still accrue during this deferment period. The 90-day deferral program is available for purchases or lease agreements on new and Certified used Lexus vehicles occurring from March 18, 2020 through May 4, 2020. Lexus also recommends visiting Lexus.com or your local Lexus dealership for the most current incentives available in your area. A majority of Lexus dealers can handle the entire sales transaction remotely, with many dealerships even offering contactless interactions on services like tire rotations and oil changes.

Lexus Factory Closures - Find the best deals!

In mid-March, the government announced a shelter-in-place order for the American population with the goal of flattening the curve of the Coronavirus and protecting as many American lives as possible. Lexus, along with all other U.S. automakers, made the bold decision to suspend automobile production in the United States, Canada and Mexico on March 18th. While initially slated to re-open on April 20th, the continued spread of the Coronavirus pushed that date back, with production now scheduled to resume on May 4th, 2020. Lexus will reevaluate the situation proactively and plans to act accordingly at that time.

During this closure, Lexus has been deep cleaning and sterilizing each of its facilities. Lexus is also in the process of using its production facilities to begin to manufacture personal protection equipment (PPE) including masks, face shields and ventilators urgently needed for COVID-19 First Responders.

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

Historically, Lexus has been one of the top-selling luxury brands in the market, and the brand sold over 298,000 vehicles in each of the last two years here U.S. Lexus was off to a good start again in 2020, but COVID-19 and the ensuing dip in showroom traffic saw Lexus sales take a dramatic at the close of the first quarter. The brand sold a mere 15,585 vehicles in March, representing a 46.7% decline in comparison to March of last year. Lexus ended the first quarter of 2020 down a total of 15.6% in vehicle sales.

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.