Coronavirus Car Payment Relief Programs

Here’s how automakers are helping car shoppers

Published:  April 6, 2020

Even in uncertain times, some people may find themselves in need of a car sooner rather than later and are wondering how to proceed. Keeping in mind the CDC’s recommendations on staying home and “social distancing,” there are ways to shop safely for a car. But now, with financial uncertainty also being a concern, many automakers are helping to ease the burden by offering incentives in the form of deferred payment options ranging from 90 days up to 180 days, in some cases. As a helpful reference, we’ve assembled the details of what each brand is currently offering, and, as the situation continues to evolve, we’ll update the list with the latest information.

 

Financial Institutions Participating

WELLS FARGO: Offering flexible payment and repayment programs

ALLY BANK: Offering customers the option to delay the first payment for 90 days

Automakers Participating

Acura

Offer: 90-day deferred payment on new vehicle sales financed by Acura Financial Services for qualified customers. Not available in the state of Florida
Customer Eligibility: Contact dealership for more information
Additional Considerations:

  • Loyalty Purchase Assistance Cash: $500 toward the purchase or lease of a new Acura model (certain exclusions apply)
  • Certified Pre-owned Vehicle Special APR for Acura TLX and RDX. Valid April 1, 2020 to June 1, 2020

 

ALFA ROMEO

Offer: Deferred payments for 90 days on Chrysler Capital retail financing contracts
Eligible Vehicles: 2020/2019 Giulia and Stelvio

 

BMW

Offer: 90-day deferral of the first payment when financing through BMW Financial Services on new vehicle retail contracts up to 72-month term and used vehicle retail contracts up to 60-month term, valid through 6/30/2020 (offer not available to customers in Maine or Pennsylvania)
Eligible Vehicles: Contact dealer for more information
Customer Eligibility: Requires Elite or Super Elite Credit Tier status

 

BUICK

Offer: 0.0% special retail financing for up to 84 months with a 120-day payment deferral
Eligible Vehicles: All 2019 models and the 2020 Encore and Envision

 

CADILLAC

Offer: 120-day payment deferral on vehicles financed through GM Financial
Eligible Vehicles: Contact dealer for more information

 

CHEVROLET

Offer: 0.0% special retail financing for up 84 months with a 120-day payment deferral
Eligible Vehicles: All 2019 models and 2020 Equinox, Silverado 1500, and Trax
Additional Considerations: Vehicle delivery now available when purchased online from a local participating dealer

 

CHRYSLER

Offer: 90-day deferred payment on Chrysler Capital retail financing contracts
Eligible Vehicles: 2020/2019 300 and 2020 Pacifica, excluding Hybrid

 

DODGE

 

Offer: 90-day deferred payment on Chrysler Capital retail financing contracts
Eligible Vehicles: All Dodge vehicles, excluding 2019 and 2020 Challenger SRT Hellcat and SRT Redeye, 2019 and 2020 Charger SRT Hellcat, and 2020 Durango SRT

 

FIAT

Offer: 90-day deferred payment on Chrysler Capital retail financing contracts
Eligible Vehicles: 2019 500e

 

FORD

Offer: Ford Credit is encouraging current US customers impacted by COVID-19 to contact the company to discuss the potential delay of payments to provide relief. For customers purchasing a new vehicle, Ford Credit is offering the option to delay their first payment for 120 days. Financing at 0% is available for 84 months on a new vehicle through Ford Motor Credit
Eligible Vehicles: Contact dealership for more information
Additional Considerations: Ford has set up a special hotline for customers to discuss options: 1-800-723-4016

 

GENESIS FINANCE AND GENESIS CARES JOB LOSS PROTECTION

Offer: Up to 120-days deferred payment for qualified customers on retail contracts up to 84-month term. Effective March 14–April 30, 2020
Eligible Vehicles: MY19 G70 only
Customer Eligibility: Tier 1–2 only (720+ FICO)
Additional Considerations: The Genesis Cares Job Loss Protection Program offers six months that Genesis will make your payment for anyone who purchases a new Genesis vehicle between today and April 30, 2020. Financing or leasing through Genesis Finance and impacted by an “involuntary job loss” due to COVID-19 any time this year are requirements

 

GMC

Offer: 0.0% special retail financing for up to 84 months with 120-day payment deferral
Eligible Vehicles: All 2019 models and the 2020 Acadia, Sierra 1500 and Terrain

HONDA

Offer: 90-Day Deferred Payment on new vehicle sales financed by Honda Financial Services for qualified customers. Not available in the state of Florida
Customer Eligibility: Contact dealership for more information
Additional Considerations:

  • Loyalty Purchase Assistance Cash: $1,000 toward the purchase or lease of a new Honda model (certain exclusions apply)
  • Certified Pre-owned Vehicle Special APR for Honda Civic, Accord and CR-V. Valid April 17, 2020 to June 1, 2020

HYUNDAI

Offer: Assurance Job Loss Protection Program and Hyundai Motor Finance

  • 90-day payment deferral on new purchases financed through Hyundai Motor Finance through April 30
  • Up to 90 days deferred payment option for qualified customers through April 30, 2020, when financed through Hyundai Motor Finance (HMF). Contract and documentation package must be received and funded by May 14, 2020

Eligible Vehicles and Terms:

Additional Considerations: Hyundai Assurance Job Loss Protection Program offers up to six months that Hyundai will make your payments for new owners who lose their jobs due to COVID-19 and have purchased or leased their vehicle between March 14 and April 30, 2020 through Hyundai Motor Finance

 

INFINITI FINANCIAL SERVICES

Offer: 90-day delayed payment option for qualified customers who purchase any new INFINITI financed with Special APR or Retailer Choice APR, now through June 30, 2020
Eligible Vehicles: Any new INFINITI

 

JEEP

Offer: 90-day deferred payment on Chrysler Capital retail financing contracts
Eligible Vehicles: 2020 Cherokee, 2020 Compass, 2020 Grand Cherokee and 2019/2020 Renegade

 

KIA

Offer: Up to 120 days deferred payment option for qualified customers, effective March 18– 31, 2020
Eligible Vehicles/Terms:

 

LEXUS

 

Offer: 90-Day Deferred Retail Payment Customer Support program for the purchase of a Lexus Certified vehicle and 90-day Deferred Retail Payment Customer Support program for the purchase of a New Lexus vehicle. This program is effective March 18–May 4, 2020

March 2020 Lease Loyalty Incentive Program offers a Lexus Lease Loyalty Incentive of $1,000 on any new MY 2020 model to any current owner or lessee of any Lexus model to lease a new eligible Lexus model, pending eligibility. It is effective March 18–31, 2020

 

LINCOLN

Offer: 120-day deferred payment APR Financing, effective March 18, 2020
Eligible Vehicles:

 

MAZDA

Offer: 90-day deferred first payment on retail contracts up to 72-month term when financed through Mazda Financial Services. Valid 4/1/2020 through 4/30/2020, program not available to customers in Pennsylvania
Eligible Vehicles: Any New, Certified Pre-Owned (CPO), and untitled Mazda vehicles including demonstrators with 6,000 miles or less
Customer Eligibility: Tier 1+ through Tier 3 applicants

 

MERCEDES-BENZ

Offer: 90-day deferred first payment program when financing a new vehicle up to 63-month term (including 90-day deferral period) through Mercedes-Benz Financial Services. Valid 3/20/20 through 3/31/2020, offer not available in Pennsylvania
Vehicle Eligibility: All new vehicles, excluding ex-Courtesy Vehicles (CVP)
Customer Eligibility: Credit Tiers A1-T2 only

 

NISSAN MOTOR ACCEPTANCE CORPORATION

Offer: Special 90-day delayed payment option to qualified customers purchasing any new Nissan financed with Special APR or Dealer Choice APR, now through June 30
Eligible Vehicles: All models

 

PORSCHE

Offer: 90-day to First Payment Finance Program on new and certified pre-owned (PACPO) up to 72-month term when financed through Porsche Financial Services. Valid April 4, 2020 through June 30, 2020, program not available to dealers and/or customers in Maine or Pennsylvania
Eligible Vehicles: All new and PACPO vehicles (excludes Gray Market Cars)
Customer Eligibility: Subject to Porsche Financial Services credit application approval. Not all customers will qualify

 

RAM

Offer: 90-day deferred payment on Chrysler Capital retail financing contracts
Eligible Vehicles: 2020/2019 Ram Pickup 1500, Ram Pickup 2500 and ProMaster City

 

TOYOTA

Offer: 90-day deferred first payment on new Toyota vehicles when financed through Southeast Toyota Finance (valid only in Southeast region)
Customer Eligibility: Requires minimum 660 FICO score
Additional Considerations: Toyota/Lexus Financial Services officials state that they are “providing payment relief options to customers who are affected. This includes extensions and lease deferred payments”

 

VOLKSWAGEN

Offer: 180 days to first payment when financing a new vehicle through Volkswagen Credit (VCI), valid through April 30, 2020
Customer Eligibility: Requires minimum 660 FICO score

Incentives featured in this article are based on data available to TrueCar as of 4/6/2020. Incentives and eligibility conditions are subject to change without notice. See manufacturer’s website or contact your local dealership for additional information.