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Subaru Coronavirus Financial Relief and New Car Incentives

This year was shaping up to be a monumental year for Subaru, with the automaker announcing its 11th consecutive year of sales growth in the United States on January 3rd. The automaker was on track to make it lucky number 12 in 2020, but COVID-19 had other plans for the brand, and for nearly every person and organization on the earth.

Subaru Coronavirus Financial Relief and New Car Incentives

The crisis surrounding the global Coronavirus pandemic has impacted the entire world and sent the global economy into a relative tailspin. Sales for nearly every business vertical plummeted in mid-March, and Subaru was unfortunately not exempt from this freefall. The automaker’s sales figures were down 47% compared to March 2019, with overall vehicle sales down 16.7% year-to-date.

While the automaker is based in Japan, it has become one of America's favorite car brands. Subaru is taking the initiative to regain its sales momentum while simultaneously supporting recent customers who may suddenly now have difficulty making their monthly payments. Subaru is one of the many auto brands that is offering financial relief and vehicle purchase incentives to its customers by providing Coronavirus car payment plans.

Subaru Customer Relief Programs - Find the best deals!

As the economy begins on the long road to recovery, many Americans find themselves in financial jeopardy, with millions affected by the outbreak of COVID-19. Current Subaru owners or lessees who are in need of financial assistance with their vehicle loan or lease payments, there’s good news. Subaru Motors Finance is providing payment extension offers of up to 90 days for qualified customers.

Subaru owners needing assistance should first confirm that their contact information is updated on their Chase Mobile app or their account on Chase.com. Customers who are financing their loan through Subaru Motors Finance (SMF) should follow up on this task by contacting a representative at 1-800-662-3325. Subaru lease customers should contact SMF at 1-800-644-1941.

Additionally, customers who are in the military and have been activated in response to the Coronavirus pandemic may also be eligible for additional benefits and relief programs. Active military customers can find more information via Subaru's military services hotline at 1-877-469-0110.

Customers who have a lease financed through Subaru Motors Finance, whose scheduled lease term is set to expire soon will be automatically extended. Customers who continue making their monthly payments may have their lease term extended for up to six months. Again, this extension is being implemented automatically, courtesy of SMF. No confirmation is necessary for the extension, and those who utilize this offer will be receiving a letter or email from Chase with more information regarding the program. Customers who wish to forgo the lease-end extension offer are encouraged to contact SMF to arrange the vehicle turn-in process at the conclusion of their lease term.

Subaru understands that many of its customers who own one of its vehicles may not have financed their Subaru through SMF. Customers who find themselves in need of financing assistance and did not lease or finance their vehicle through SMF are being advised to contact their lender or leasing company directly to discuss potential relief options. A majority of lenders are willing to assist struggling customers with a variety of payment options, including the payment deferrals. Most relief options are being extended on a case-by-case basis.

 
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Subaru New Car Incentives - Find the best deals!

Prospective customers who may be considering the purchase of a new Subaru should be excited to hear that the automaker is offering a number of appealing incentives. Keeping its concern for the immediate financial needs of its customers top of mind, Subaru introduced the Subaru Payment Deferment Program. With this initiative, Subaru is offering qualified buyers the ability to defer their payments for up to 90 days when they purchase select vehicle models and finance their purchase through SMF.

Additionally, Subaru is also extending offers for zero-interest financing on some of the brand’s most popular vehicles. Eligible models include the 2020 Outback, Legacy, Forester, Ascent, and Impreza. These vehicles are all eligible for 0% financing for 63 months to qualified buyers when purchased by April 30th.

Subaru also wants customers to know that the brand is offering a variety of special deals for vehicles on a local and regional basis. Prospective customers should visit subaru.com to find the available deals in their area.

Subaru Factory Closures - Find the best deals!

Subaru production in North American takes place at Subaru of Indiana Automotive (SIA), a subsidiary of Subaru Corp. The plant suspended operations on with an original duration set to last through Friday, April 17. However, the company recently announced that the plant will stay closed through May 8th. The factory in Lafayette is Tippecanoe County's largest private employer, with over 6,300 workers at the plant near Interstate 65. Only limited personnel will be working on-site until full production resumes. Employees have been off the job since mid-March, as the Coronavirus pandemic began a domino effect of shutdowns affecting manufacturing facilities across the nation.

Though manufacturing operations are on a hiatus, many Subaru dealers are open for sales, service, and parts. In many areas of the country, auto service is regarded as essential and allowed to remain open. Further, despite heavy restriction in some locales, Subaru dealers are still selling new and used vehicles, some offering delivery to buyers' homes.

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

As mentioned in the introduction. Subaru was in the midst of consecutive years of sales growth records before the onset of COVID-19. But the crisis created by the Coronavirus has put that streak in danger of being broken.

Executives and spokespeople from Subaru have yet to offer any guidance on the brand's adjusted sales outlook for the remainder of the year. They have also yet to offer any details on the overall outlook for overall sales in 2020.

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.