Automakers across the U.S. are slashing interest rates, assisting with payments, and offering other incentives to buyers and owners as shoppers largely hunker down during the typically busy spring season.
Although it’s unclear how a prolonged outbreak may impact owners and shoppers, several automakers have offered assistance for up to six months to ease any potential burdens.
Major lenders such as Wells Fargo and Ally Financial have pledged similar assistance, according to Automotive News. Last week, the Federal Reserve cut its key interest rate to zero or near-zero to spur lending to consumers.
Chevrolet, Buick, GMC, and Cadillac
General Motors this week offered interest-free financing for up to 84 months on some of its Buick, GMC, Chevrolet, and Cadillac cars and trucks. Additionally, about 16 million owners with OnStar-equipped vehicles now have 3 GB of internet data to work on the road or from the car.
“We wanted to send a very clear message to our customers that GM and its dealers are there for them,” GM spokesman Jim Cain said.
Cain said GM’s lending arm also would help customers affected by job cuts or work slowdowns with payment assistance.
GM also said it would deliver cars to new owners’ homes instead of asking them to travel to dealers.
Dodge, Ram, Chrylser, Fiat, and Alfa Romeo
According to Fiat Chrysler Automobiles spokesman Jeff Bennett, current owners can contact Chrysler Capital or Ally Financial to discuss payment options if their jobs have been affected by the slowdown.
Hyundai and Genesis
Last week, Hyundai and Genesis announced they would help new owners for up to six months with payment assistance if their jobs were impacted by the coronavirus.
Additionally, the automakers said they could defer payments for up to 90 days on some new cars purchased before April 30. Those cars included the 2019 Genesis G70 and Hyundai Kona, Santa Fe, Accent, Elantra, and others.
Ford
Ford’s lending arm offered assistance to owners with flexible repayment programs or help for Ford owners affected by job cuts related to the coronavirus slowdown.
Nissan
The major lending arm for Nissan said it would provide flexible payment plans to owners.
This story will be updated with more information as it becomes available.
