Payment Deferral Programs
Several automakers are currently offering payment deferrals for customers experiencing financial hardship.
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. New buyers can get 90 days of deferred payments on new purchases of both Hyundai and Genesis vehicles.
Visit Hyundai Assurance
The Ford Credit homepage has a number existing owners can call to discuss payment options for their Ford or Lincoln. Additionally, Ford will be offering 90 days of deferred payments on new purchases. While these new-purchase incentives are enticing, it’s important to carefully consider your situation before committing to a loan.
Visit Ford Motor Credit
Nissan’s finance arm, NMAC, has a hotline set up for customers to discuss payment rescheduling. 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. Nissan is also offering 90-day deferred payments for 60- and 72-month loans, along with special interest rates.
Visit Nissan FinanceToyota 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. Like other brands, they’re also offering deferred payments on new purchases.
Visit Toyota Financial Services
Visit Lexus Financial Services
General Motors (which includes Chevrolet, Buick, GMC and Cadillac) has set up hotlines for owners with questions or concerns about their loans. General Motors is also offering 0% interest on 84-month loans and 120-day deferred payments on new vehicle purchases for customers in top credit tiers. We generally do not recommend taking on such a long loan, and these offers won’t apply to many consumers.
Visit Chevy Cares
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 Wells Fargo’s COVID-19 information center
Visit Ally Financial’s coronavirus response center
Having trouble making a payment? Talk to your lender: In hard times, a number of people tend to overlook their car payments in favor of more critical purchases. This is understandable, but it could harm your credit in the long run. Don’t be afraid to call your lender. Others are in the same predicament, and lenders may be able to offer reduced payments or give you an extension. This communication is important to show that you are committed to paying the loan and keeping the account in good standing.