These Car Companies Are Offering Loans And Incentives Amid The Coronavirus Pandemic
These days, the world has seen a lot of businesses suffering because of the pandemic, and the automobile industry is not an exception. That’s why car makers are now having several financial assistance schemes in place to try and lessen the load. Here are some car companies that are offering financial assistance for current owners and possible buyers:
For people currently owning Ford vehicles and still owe a balance, the carmaker is offering a change in due day for payments to give more time for customers to pay. For future buyers, Ford is now offering a payment program that allows up to six months of deferrals, with the company paying for three of those months.
For current owners, General Motors is offering deferred payments to the people affected by the pandemic. And for future buyers, they can avail of the zero-interest loans with a repayment of up to seven years. GM Financial is also offering four months of deferrals for payments.
Unlike other car manufacturers, Fiat Chrysler does not offer loans from its own pocket, but through Chrysler Capital and Ally Financial, their financial suppliers. And the good news is, you don’t need to own a Fiat Chrysler to avail of the financial support, you just need to go directly to the two companies for an auto loan.
For current car owners, Chrysler Capital will be reviewing the accounts of customers that will be needing financial assistance and Ally Financial is offering payment deferrals of up to four months. For future buyers, Ally Financial is offering up to three months of payment deferrals.
Toyota and Lexus
For Toyota and Lexus owners, there is an offer for customers with good standing to avail of lease payment deferrals and payment extensions. And for new buyers, there are also payment deferral offers as well.
Genesis and Hyundai
For current owners who have experienced lost their jobs due to the pandemic, Genesis Finance and Hyundai Capital is offering to cover up payments for up to six months. And for new buyers who purchase cars between March 14 and April 30, there are up to three months of payment deferral.
For current owners, the company offers an extension of up to three months in payment for loans and loans. They are also waiving insufficient funds and late fees. For new buyers, Maserati of offering a payment deferral of up to three months.
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