Coronavirus Car Payment Relief Programs | Edmunds
|edmunds.com 25 Mar 2020 at 17:31|
Automakers are setting up programs to allow borrowers to defer loan payments if they have been financially impacted by the coronavirus pandemic. COVID-19, also known as the coronavirus, has unsettled the stock market and cast a pall of doubt over businesses both large and small. But the personal impacts of social distancing, isolation and uncertainty are equally as trying. Widespread business closures are causing financial hardship for a number of Americans, who now find themselves unable to pay all of their bills. Any worries we can lift from your mind could allow you to focus more energy on getting you and your family through this crisis.
To that end, we ve put together a list of automakers and lenders that are offering borrowers avenues of relief.
We ll be updating this article regularly to help you figure out if making your next car payment is one worry you can let go of for the time being.
Several automakers are currently offering payment deferrals for customers experiencing financial hardship. Many automakers are also offering deferred payments and special interest rates on new purchases, and .
BMW and Mini are urging customers in need of financial or account assistance to contact their financial services customer service to discuss what assistance may be available. They will be working with customers on a case-by-case basis.
Acura Financial Services contact page
Hyundai has relaunched Assurance, a program it originally introduced in 2009 during the economic downturn to offer help to consumers. It provides up to six months of payment relief for owners who lose their jobs, making it the most generous outright assistance package we ve seen.
Mitsubishi s Coronavirus statement
Nissan s finance arm, NMAC, has a hotline set up for customers to discuss payment rescheduling for Nissan and Infiniti vehicles. As with Ford, Toyota and others, it s hard to say what relief exactly owners can expect or how much it may vary from person to person, but there s no reason not to reach out for help if you need it.
If you re leasing a Porsche, the company will extend your lease for up to six months (it normally offers a two-month extension contract). Certain customers will also be able to defer lease payments for 30-60 days based on individual need.
Visit Porsche Financial Services
Toyota Financial Services and Lexus Financial Services can be reached by phone or email to discuss payment extensions and deferments for leases and loans. We appreciate that Toyota, like other brands, is including its luxury arm to help those buyers who may also suddenly find themselves on less solid footing.
Visit Lexus Financial Services
Both Wells Fargo and Ally Financial service a lot of car loans, and both have hotlines available for consumers facing financial hardship during this emergency. So even if you financed a used car, if you did so through your bank, there may be recourse. Both companies can also be contacted about existing credit card, personal loan, or other types of debt.
Visit Ally Financial s coronavirus response center
: Whether in your personal car, a ride share, or even on public transit, we lay out how to minimize your risk of infection.
What to do if you can t make your car payment : We offer advice if you find yourself unable to make your next car payment.
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How to get out of a bad car loan : Find out steps you can take to save money if you re stuck with a high-cost or high-interest car loan.
: If you need to buy a car during the coronavirus crisis, we have all the information you need.
How to have your new car delivered to your home: It s a low-stress, no-wait way to get your new car and minimize your exposure.