Some Automakers to Allow Car Owners to Delay Monthly Payments
Several automakers said today that US buyers of new vehicles will have the option to defer their payments and customers with existing car loans could ask for payment rescheduling if affected by shutdowns due to the coronavirus. Besides helping current car owners, the move also aims to boost new car sales during a time of uncertainty. Here are some of the incentives that auto makers are giving existing and new owners:
- Ford on Monday said its credit unit is offering customers purchasing new vehicles the option to delay their first payment by 90 days.
- A US spokesman for Nissan said the automaker will launch a similar program.
- Hyundai on Friday said it would defer payments for select new cars by 90 days and provide up to six months of payment relief for customers who lose their job.
- Ford, Nissan, General Motors and Toyota also said they will provide payment relief options to customers affected by the virus, including extensions and deferred lease payments.
If you are having financial difficulties due to the coronaviorus pandemic, it is always worth contacting lenders and see if they offer any type of relief. Read more at NYP.