- Automakers are offering new incentives and support for current borrowers and lessees during the ongoing COVID-19 pandemic.
- For current owners, rescheduling payments is an option on a case-by-case basis.
- With these offers in hand, now might be a good time to buy a new car.
As this year’s automotive sales outlooks turn further south and, because of the ongoing coronavirus pandemic, more businesses close, people go inside, and commerce stops, automakers are looking to lessen the blow with financial offers to recent and new buyers. One manufacturer after another has announced offers such as zero-interest loans for top-tier credit borrowers and payments deferred for up to six months.
If you've been in the market for a new car before all this happened, you don't have to drop it now. Not when automakers are providing plenty of reasons to go out and find one now. General Motors is offering zero-interest loans through seven years for buyers with top-tier credit history, and Ford is giving buyers the option to defer payments for up to six months, with three months paid for by the company.
But the offers don't just impact new-car buyers. If you recently purchased a car or still owe on a lease or loan, many of the companies are offering some form of payment relief if you are impacted by COVID-19, most of which are on a case-by-case basis. Keep in mind that the offers are for those who borrowed from the automaker’s financial arm or are looking to do so.
Here’s a list of the offers from automakers and lenders alike, which we will continue to update as more offers are made:
Current owners or lessees: Ford has said that current owners that currently owe to Ford Credit "may be able to change a payment due date or delay a payment.” Customers are told to contact the Ford Credit Support website for details.
Prospective buyers or lessees: Ford Credit is offering a total of six month of payment deferrals, with three of those months paid for by the company.
Current owners or lessees: GM said that it will work with owners who currently owe to GM Financial to adjust payments, such as by deferring them, for those affected by COVID-19.
Prospective buyers or lessees: GM Financial is offering zero interest loans for up to seven years for buyers with a top-tier credit history. The company is also offering up to four months of payment deferrals.
FCA doesn’t have its own lending arm like many of the other manufacturers, but both of their primary financial suppliers, Chrysler Capital and Ally Financial, are offering financial support.
Prospective buyers or lessees: Ally Financial is allowing new customers to defer payment for up to 90 days.
Toyota and Lexus
Current owners or lessees: Toyota and Lexus Financial Services are offering customers in good standing the option for a payment extension or lease deferred payments.
Prospective buyers or lessees: The financial arm of the company is also offering payment deferrals to new customers.
Current owners or lessees: Nissan Motor Acceptance Corp, the financial arm of the company, will work with existing customers to reschedule payments.
Prospective buyers or lessees: The company is offering payment deferrals of up to 90 days on new-car purchases.
Hyundai and Genesis
Current owners or lessees: For owners who purchase or lease a vehicle between March 14 and April 30 of this year and lose their job due to COVID-19, Hyundai Capital or Genesis Finance will cover up to six months of payments.
Prospective buyers or lessees: For vehicles purchased between March 14 and April 30 of this year, payments can be deferred for up to 90 days for select Hyundai vehicles and the 2019 Genesis G70 (the only Genesis vehicle included on this offer).