The Coronavirus: Car Loan and Lease Payment Programs

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Automakers Offer Payment Relief Due to the COVID-19 Pandemic

It’s a historically stressful time in households across America, as we’re enduring the coronavirus pandemic and its resulting catastrophic effects on the world’s economy. Joblessness is increasing, with record surges in unemployment filings. Even if you haven’t lost your job, you may be facing reduced hours or a slashed paycheck.

Adding to that stress are monthly bills coming due, including payments for car loans and leases. Fortunately, most lenders and leasing companies have created programs to help customers weather the storm by delaying payments until the worst of the epidemic is behind us. Nearly every automaker, plus most banks and credit unions, will allow current customers to defer payments with no late fees. Most will not report any negative information to credit bureaus. 

Customers with leases coming to an end likely can't safely shop for a replacement vehicle. In many cases, the dealerships where you need to return the car are shuttered due to stay-at-home orders. 

On the following pages, we’ll look at each automaker’s program for both lease and loan customers.

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