7 Car Payment Relief Programs
By Jakob Hansen, 6/3/2020
Car manufacturers are doing everything they can to keep sales strong during this pandemic.
During this difficult time for our country, car dealers and their partners have been working overtime to ensure you can still get an affordable vehicle without risking you or your loved one’s health, or your financial wellbeing. Here's what you need to know when purchasing a vehicle during the Corona Crisis.
Manufacturer Offers During The COVID-19 Pandemic
The COVID-19 pandemic has impacted the American economy in nearly every sector, and the auto industry is no exception. From global supply chain disruptions to manufacturing plants closing their doors, OEMs and dealers are feeling the impact as much as the rest of the country.
To help bolster sales, and to extend a helping hand to Americans in need, most OEMs are creating incentivized relief offers, but finding the deals is not always easy.
That's why we’ve researched these promotions and are listing them here, in one place, for you to take advantage of.
How The Pandemic is Impacting Car Sales
The impact of COVID-19 has been profound on the dealer network. Dealers are losing sales across the country and are doing everything they can do to keep sales high. Yet sales trends are continuing to fall rapidly.
According to Reuters:
Auto retail sales through the week of March 22 declined 22% nationwide on a yearly basis and as much as 40% in some cities on the U.S. West Coast, according to an analysis by research firm J.D. Power, based on data from dealership stores around the country.
The impact of the coronavirus on the automotive economy is extensive. Dealers are making shopping at home easier than ever, incentivizing cars more than ever with 0% interest for an unprecedented amount of time, and making deferred payments available for as long as 6 months.
Some manufacturers are giving better incentives than others. Here is the list of the Top 7 Car Payment Relief Programs that we were able to find.
1) Chevrolet Relief Incentives 
Chevrolet has an extensive amount of discounts available for you to take advantage of. Right now, they are offering 0% interest for 84 months with deferred payments for 120 days on Silverado, Equinox, and Trax. 0% interest for 84 months comes out to 7 years! That's an unprecedented amount of time from a major manufacturer like GM. The offer applies to 2019 and 2020 models.
Nearly every Chevrolet dealer is also offering online purchases for new and pre-owned vehicles. They have made it possible to complete your entire buying experience online. From test drive to trade-ins to signing the paperwork, you never have to leave your home.
2) GMC Relief Offers
GMC is running similar deals as Chevrolet, only for their own vehicles. GMC is offering 0% APR for 84 Months on most 2020 Sierra 1500, Acadia, and Terrain models. Plus, deferred monthly payments for 120 days.
GMC is also offering OnStar® Crisis Assist services to all GMC customers as well as 3GB/3 months of in-vehicle data via the 4G LTE Wi-Fi® Hotspot to help you stay in touch with your loved ones.
3) Buick 
Buick, as a part of GM, has similar offers to Chevrolet and GMC. They are also offering 0% APR for 84 Months on most 2020 Encore and Envision models. As well as deferred monthly payments for 120 days on most models.
4) Honda 
Honda is offering deferred first payments for up to 90 days for new car buyers that purchased through Honda Financial Sevices. They are also offering up to $1,000 in loyalty cash to buy or lease a new Honda. For those looking at pre-owned vehicles, Honda is offering record-low rates for certified pre-owned Accords, Civics, and CR-Vs. For existing owners, late fees can be waived on an individual basis.
5) Hyundai
Hyundai has one of the strongest programs available right now. Through the Hyundai Assurance program, Hyundai, along with its luxury brand Genesis, are offering up to 90 days of deferred payments on any new purchase as well as up to six (6) months of deferred payments for customers that have already purchased and are in need of financial assistance. They are also deferring up to 3 months of payments for any previously-purchased customer that has been medically affected by the current situation.
Hyundai already has the excellent Shopper Assurance program which helps to place their company ahead of the game during times like this. The program offers transparent pricing, streamlined online purchases, flexible test drives, and 3-day Worry-Free Exchange.
6) Ford
Ford was one of the first OEMs to make relief efforts available. Right now, Ford is offering up to 90 days of deferred payments to customers who qualify and finance under Ford Credit.
Under the new “Built to Lend a Hand” program, Ford Credit will cover up to three months of payments while the customer is able to defer another 3, for a total of six (6) months of relief. The offer applies to all 2020 and 2019 vehicles purchased only excluding Super Duty trucks.
Ford is also looking our for existing customers by creating a hotline for those who lose their jobs to help them through their options, including modifying their payments.
7) Subaru
Subaru has seen exponential growth in recent years. They have been voted the most up and coming brand and have seen increasing growth every month for the last 19 months.
Subaru makes some of the best cars on the market today and the reason they are finally starting to show increases in sales after all these years are their excellent incentives.
To help with the current situation our country is in, Subaru is offering as low as 0% interest for up to 63 months when purchasing an Ascent, Forester, Impreza, Legacy, or Outback.
Subaru is still very limited in their marketing reach, however, so capitalize on these great deals you have to know where to find them.
Closing
If the economy takes its time recovering, new car sales may take even longer to recover. That means you still have time to buy a nice car on just about any budget. But it may not last forever.
Let a website like Rydeshopper do the work for you. Put your zip code and your dream car model into the website and the website will quickly scan the best deals in your area. You’ll see all the possibilities available in minutes – not hours or days. You can find the perfect car for you at the perfect price.
Get Local Relief Offers
Every region may have different discounts and rebates. Depending on vehicle demand, availability, and dealer inventory, lease discounts can range from one region to the next.
Even if you don’t see the car you are interested in on the list, don’t hesitate to reach out! Almost all manufacturers, from economy to luxury brands, are offering rebates. You are liable to get a lease deal that’s far below asking price by simply having them reach out. Car Deal Finder can put you in touch with your favorite brands for the car of your dreams with all the available discounts on the table up front.
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Jakob is our writer with a love for all things automotive. He comes from a dealer background with experience on both sides of the fence. Knowing the system inside and out, he knows the best cars and the best deals. No matter what. |
