Here’s what you can do if you finance a car through an automaker’s credit service.
In the wake of the ongoing coronavirus (COVID-19) outbreak, most companies are changing their policies to encourage social distancing, and releasing statements about what they plan to do to prevent the infection from spreading. Several automakers, for their part, are launching programs aimed to provide some relief to their customers. In the event you recently bought or are thinking about buying a new car, some are offering payment deferment or to cover payments for a certain period of time if buyers lose their jobs as a result of the economic impact of COVID-19.
Here, we’re putting together a summary of what solutions various automakers are offering, if you purchased a car through their credit service (Ford Motor Credit, for instance). We want this to be a resource you can use to find more information if you are impacted by the outbreak’s effects, so please leave a comment below if you feel something should be added to this list!
These offers mainly apply to new customers, though some are encouraging existing owners to explore their options as well, if needed. We will update this post with more information as it’s available.
FCA (Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, Ram): 90 days without payments
Fiat Chrysler Automobile primarily gives its customers the option of financing through Chrysler Capital and Ally Bank. Those owners are advised to make direct contact regarding their accounts, though Ally Financial is offering a 90-day deferment option for new vehicles.
Ford: Deferred Payments For New Customers
Ford announced an ad campaign Monday to get the word out on their assistance programs. Existing customers who financed through Ford Credit are advised to use the account manager website or FordPass app to find out what payment options they have. Alternatively, you can also call a hotline at (800) 723-4016 to discuss payment options.
For new customers, the company is offering a deferred payment option. If you buy a new vehicle through Ford Credit, the company will give you the option to delay payments for 90 days following the purchase. Update: Ford will also make payments for the first 3 months for customers who purchase a new vehicle. Ford is also providing $500,000 to non-profit groups in southeastern Michigan to support delivering food to senior citizens and children who do not have regular access to meals while schools are closed.
General Motors (Buick, Cadillac, Chevrolet, GMC)
GM Financial is offering 0 percent financing for 7 years (84 months) to “well-qualified buyers” on new vehicle purchases. They’re also offering four months of deferred payments to keep new vehicle sales ticking. People who don’t quite hit the mark for 0 percent financing can still get the deferred payments. The company set up a dedicated support page to customers concerned about coronavirus and who need to make payment arrangements.
Hyundai/Genesis: Job Loss Protection returns
Hyundai and Genesis confirmed Monday they would make up to six months of payments for new owners who lose their jobs. This offer is meant more as a measure to stem the flow of lost sales in the coming weeks, as it applies to purchases made between March 14 and April 30, 2020. Specifically, you have to be approved for credit through Hyundai Capital to be eligible for the program. The offer also applies to Genesis customers who buy a new vehicle in the same time period.
Job Loss Protection, as Hyundai calls it, is a relaunch of a program that the company enacted after the 2008 financial crisis. Here’s how they outline who’s eligible:
“The Hyundai Assurance Job Loss Protection program provides up to six months of payment relief for customers who lose their job involuntarily. The payment relief is available for all customers, regardless of employment history, who purchased or leased their new vehicle from a Hyundai dealer and financed it through Hyundai Capital.”
Hyundai is also offering 90 days of payment deferment for customers who buy a new Santa Fe, Kona, Tucson, Venue, Accent, Elantra and Elantra GT. On the Genesis side, this offer applies to those who buy a Genesis G70 by April 30.
Nissan: Deferred payments on new purchases, leases
For its part, Nissan is also offering deferred payments to new customers. “To lend some additional support during this period, Nissan Motor Acceptance Corporation (NMAC) will offer 90-day deferred payments for 60 and 72 months for new special APR (annual percentage rate that includes interest and fees) retail customers. Customer-service teams will support individual arrangements for payment rescheduling.”
Dealers are also getting better offers, including lower rates on their inventory, as well as a cashflow assistance program. That helps dealers float more of their debt by allowing six months of interest-only payments on capital loans.