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How Can I Get Help with My Loan or Lease during the Pandemic?

Colin Beresford
Photo credit: skynesher - Getty Images

From Car and Driver

  • Did you know you can get help during the coronavirus pandemic from the lender that writes up your lease or loan?
  • There are deals from automakers' own lenders and several other banking institutions.
  • The list below breaks it down by brand.

The economic downturn caused by COVID-19 has been felt throughout the entire economy, and in response automakers are offering various financial and payment-relief plans to current lessees and owners making monthly loan payments. Many borrowers can opt to defer payments, and in some cases, automakers will make payments when borrowers can't do so.

The offers only stand if you are borrowing from the company’s preferred lender, but if you owe a bank, several institutions—including Ally Financial—have put forward their own payment-relief programs for borrowers. The support offers listed below apply to both owners and lessees, and in most cases are evaluated for approval on a case-by-case basis.

Audi

Audi Financial Services is allowing current owners to request payment deferrals.

BMW

BMW Financial Services will work with current owners on a case-by-case basis to provide assistance.

FCA

Chrysler Capital will review the accounts of owners who need assistance.

Ford

Ford Credit will work with current owners impacted by COVID-19 to change payment due dates or defer payments.

GM

GM Financial will work with current owners affected by COVID-19 to prevent missing payments through options such as payment deferrals. GM is also giving current owners complimentary OnStar Crisis Assist and 3 gigabytes of in-car WiFi over the next three months.

Genesis

Genesis Finance is offering current owners who have lost their job due to the pandemic or have been medically impacted by COVID-19 the opportunity to defer payments by up to three months.

Honda

Honda Financial Services is offering current owners payment extensions or deferrals, as well as late-fee waivers.

Hyundai

Hyundai Motor Finance is offering current owners payment deferrals for up to three months if they lose their jobs or face hardship due to the virus before April 30.

Infiniti

Infiniti Financial Services is offering current owners “payment alternatives” if you are affected by COVID-19.

Jaguar Land Rover

Jaguar Land Rover Financial Group is offering returning lessees' waivers of up to $750 for two payments. The waiver covers all 2020 Jaguar models, the 2021 F-type, and specific Land Rover models.

Kia

Kia Motors Finance is offering current owners who lose their jobs due to the virus or are medically impacted by COVID-19 up to three months of payment deferrals.

Maserati

Maserati Capital is offering a lease extension of up to six months and a payment due- date extension of up to three months for leases or loans. They are also waiving late and insufficient-fund fees.

Mazda

Mazda Capital Services is offering current owners payment deferrals on loans or leases for up to three months.

Mercedes-Benz

Mercedes-Benz Financial Services is offering current owners payment deferrals on a case-by-case basis.

Mitsubishi

Ally, Mitsubishi’s preferred financing source, is offering current owners payment deferrals for up to four months.

Nissan

Nissan Motor Acceptance Corp., the lending arm of the company, is offering payment extensions for current owners.

Porsche

Porsche Financial Services is offering payment services to current owners.

Subaru

Subaru Financial Services is offering payment extensions of up to three months for loans and leases.

Toyota and Lexus

Toyota and Lexus Financial Services will extend payment relief to current customers affected by COVID-19.

Volkswagen

Volkswagen Credit is offering current customers impacted by COVID-19 up to three months of payment deferrals.

Volvo

Volvo Financial Services is working with current owners experiencing hardship due to COVID-19 to offer payment relief.

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