What Automakers Are Doing To Relieve Americans Shopping for Cars
By Jakob Hansen, 6/3/2020
We know these times are difficult. Most of us are mandated to work from home, and many more of us are furloughed.
With the national, economic uncertainty caused by COVID-19, manufacturers have attempted to bolster sales with unprecedented offers and specials. We’ve researched these promotions and are listing them here, in one place, for you to take advantage of.
To see who has the best overall savings, check out the 7 Car Payment Relief Programs.
What Dealers are Doing To Help
Dealers are going out of their way to make shopping easier on you. We called dealers in our network to get a first-hand grasp on how they are dealing with the current environment and what they are doing to make it as easy on you, the customer, as possible.
So far from what we've gathered:
- 80% of dealers can deliver a car, with most manufactures streamlining the process with factory-backed programs such as GM's "Shop. Click. Drive." or Hyundai's "Shopper Assurance".
- 100% are okay with sending over personal information such as a copy license, proof of income via email or even text message.
- 80% can do a test drive from your home, delivering new or pre-owned vehicles to your house for you to test.
- 100% of dealers are cleaning and wiping down all vehicles before and after moving them/test drives. Each dealer we spoke with made it overly clear they were doing everything within their power to ensure each vehicle is thoroughly cleaned and cared for.
- 80% of dealers operating under regular hours, the others are typically closing earlier in the day, forgoing their long hour days.
- 100% will bring paperwork to your house to sign if needed.
We noticed that larger dealers have the capacity to be more accommodating, and keep in mind, the more you are willing to work with them, the more they are willing to help.
Is Right Now A Good Time To Buy a Car?
YES! There has never been a better time to save. Nearly every manufacturer is offering unprecedented savings on most models. The best deals we have found so far are:
- 0% interest for 84 months
- Deferred payments for up to 6 months
- Up to $1,000 in loyalty cash
What OEMs are Doing To Help
Seeing first hand how the current situation is affecting America, many auto manufactures have quickly launched relief programs to help those in need. From deferring payments to 0% interested for an unprecedented amount of time, manufacturers are going all-in to help keep America stable.
Here are the OEM relief incentives that are currently available to those looking to purchase or lease at this time.
Ford Motor Company
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 months of relief. The offer applies to all 2020 and 2019 vehicles purchased excluding only Super Duty trucks.
Ford is also looking out for existing customers by creating a hotline for those who lose their jobs to help them through their options, including modifying their payments.
- For current Ford owners and lessees: hotline to help with payment options, flexible payment options, payment extensions available
- For prospective Ford buyers and lessees: “Built to Lend a Hand” program defers first payment for 90 days for all new 2019/2020 vehicles excluding Super Duty trucks
General Motors
GM brands (Chevrolet, Cadillac, Buick, and GMC) are all offering significant relief programs. Offering 0% interest for 84 months with deferred payments for 120 days on Silverado, Equinox, and Trax. Buick, Cadillac, and GMC have the same offer available on select models in their current line up. The offer applies to new 2019 and 2020 models. GM is also making shopping online easier than ever. GM's "Shop. Click. Drive." program is available at participating dealers and makes it easy for you to shop from home and save.
For existing customers, GM Financial is offering relief in the form of flexible payment options and payment extensions on a case-by-case basis.
- For current GM owners and lessees: flexible payment options, payment extensions available
- For prospective GM brand buyers and lessees: 0% interest financing for 84 months with deferred payments for up to 120 days
Hyundai
Hyundai already has the excellent Shopper Assurance program which helped place their company ahead of the game in times like this. The program offers transparent pricing, streamlined online purchases, flexible test drive, and 3-day Worry-Free Exchange. To further assist those in need, Hyundai is offering up to 90 days of deferred payments on any new purchase as well as up to six months of deferred payments for customers that have already purchased and are in need of financial assistance. The offer applies to customers who lease or purchased through Hyundai Capital between March 14 to April 30 of this year.
- For current Hyundai owners and lessees: up to six months of deferred payments for new owners
- For prospective Hyundai buyers and lessees: deferred payments up to 90 days on select vehicles
Genesis
For new car buyers, Genesis is offering up to 90 days of deferred payments on 2019 G70 models purchased before April 30. For current Genesis customers that purchased between March 14 and April 30 and have lost their jobs, Genesis is offering up to six months of deferred payments. All purchases or leases must be made through Genesis Finance.
- For current Genesis owners and lessees: up to six months of deferred payments for new owners
- For prospective Genesis buyers and lessees: deferred payments up to 90 days on 2019 G70 models
Kia
Kia is offering up to 120 days of deferred payments and 0% interest financing on 2019 Forte, Niro PHEV, Niro EV, as well as 2020 Forte, Soul, Optima, Optima Hybrid and PHEV, Sorento, Sportage, Sedona, and Stinger. Customers who purchased through March 18 and March 31, 2020 are eligible for the offer. Purchase or lease customers that have been affected recently are also eligible for deferred payments, waived late fees, or payment flexibility.
- For current Kia owners and lessees: up to six months of deferred payments for new owners, up to 120 days of deferred payments and 0% interest financing for customers that lease or purchased between March 18 and March 31, 2020
- For prospective Kia buyers and lessees: up to 120 days of deferred payments and 0% interest financing on select models
Fiat-Chrysler
FCA (Chrysler, Jeep, Dodge, Ram, Fiat) currently has no available relief efforts for new car buyers. They do have several programs in place for current owners. Chrysler Capital and Ally Financial, Fiat-Chrysler's main financial institutions, are offering flexible payments for owners and lessees, as well as payment extensions on a case-by-case basis.
- For current Fiat-Chrysler owners and lessees: payment extensions on a case-by-case basis, flexible payment arrangements
- For prospective Fiat-Chrysler buyers and lessees: no program available at this time
Honda
Honda is offering a deferral of first payment 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 used cars, Honda is offering low rates for certified pre-owned Accords, Civic, and CR-V. For existing owners, late fees will be waived on an individual basis.
- For current Honda owners and lessees: late fees waived, payment flexibility
- For prospective Honda buyers and lessees: first payment deferred up to 90 days, up to $1,000 in loyalty cash, low rates for CPO cars
Toyota
Toyota, much like Honda, has not released any new car incentives. They have, however, made efforts to help those that have been affected during this time. A hotline is available to help those in need and payment flexibility/extensions available for those that qualify.
- For current Toyota owners and lessees: flexible payment options, payment extensions available
- For prospective Toyota brand owners and lessees: no program available at this time
Lexus
Lexus has the same offers available as its parent company, Toyota. Currently, they are offering no new car relief incentives but re offering flexible payment options and payment extensions for existing owners/lessees.
- For current Lexus owners and lessees: flexible payment options, payment extensions available
- For prospective Lexus brand owners and lessees: no program available at this time
Nissan
Nissan is offering relief for existing customers. Nissan Motor Acceptance Corporation (NMAC) is offering up to deferred payments for those who qualify. They have a special customer service team to help those who need individual support or assistance through flexible payment options.
- For current Nissan owners and lessees: deferred/flexible payments available for those who qualify
- For prospective Nissan buyers and lessees: no program available at this time
Subaru
Subaru has always been known for being kind to their customers. Right now for new buyers, Subaru is offering as low as 0% interest for up to 63 months when purchasing a, Ascent, Forester, Impreza, Legacy, or Outback.
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For current Subaru owners and lessees: No announced programs
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For prospective Subaru buyers: 0% interest for up to 63 months available on Ascent, Forester, Impreza, Legacy, and Outback
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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. |
