Automakers Offering Financing Options During COVID-19 Pandemic

 

As many businesses all over the world continue to shutter their doors and employees are sent home as part of efforts to contain the COVID-19 pandemic, the financing arms of some of the world’s major automakers have begun to extend offers of support to customers hit hard by the coronavirus pandemic.

Beginning with Ford Motor Company, whose Built to Lend a Hand program is giving customers a chance to work out a delay of payment program with Ford Credit. Under the new program, developed with its dealers, Ford is offering six months of payment relief for eligible new-car customers who finance their purchases through Ford Credit and Ford Motor Company will also cover up to three months of payments with the option to defer for up to three more for a total of six months. Although we wish that we could say that this is for all Ford vehicle owners, the Lend a Hand program is only for people purchasing 2019 and 2020 model-year vehicles, excluding 2020 Super Duty trucks.

Along with Ford, GM is also offering 0% financing for seven years and four months of deferred payments for those with excellent credit. GM started notifying dealers of its Buick, Cadillac, Chevrolet and GMC vehicles Monday afternoon of the new initiatives that are valid through March 31.

Along with Ford and GM, Hyundai Motor North America and Hyundai Capital also announced that the company would be reinstating its Assurance Job Loss Protection program to support customers affected by the uncertain business and financial environment created by the coronavirus, which assures that the automaker will make up to six months of payments for new owners who lose their jobs and have purchased or leased their vehicle between March 14 to April 30, 2020 through Hyundai Capital. Additionally, for select new purchases through April 30 financed by Hyundai Capital, Hyundai is deferring payments for 90 days at the customer’s request.

Following suit behind Ford, General Motors, Fiat Chrysler Automobiles, Hyundai, Nissan, and Toyota in offering varying levels of customer support, American Honda announced today a series of proactive steps to help reduce any hardships or disruption in service to our customers and automobile dealers in the United States.

According to Honda, existing Acura and Honda Financial Services account holders could request payment extensions and deferrals of up to 60 days, as well as late fee waivers, while the company will also contribute $1,000 toward buying a new Honda and $500 toward a new Acura.

Stay tuned to RacingJunk.com as news continues to develop during this epidemic.

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About Ellen Richardson 432 Articles
Ellen Richardson is the author of Behind The Wheel for RacingJunk.com. This automotive sports junkie has a passion for telling an athlete's story while also covering various racing activities. Find out more about her at ellennrichardson.wordpress.com or follow Ellen on Twitter at @ellennrich or Instagram at elnrich33.

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