Your Guide To Automakers’ ‘Pandemic Protection’ Programs

Automakers are enduring slowing sales and perhaps defaulting car loans because of job uncertainty during the COVID-19 crisis. As a result, many have rolled out temporary programs to help assuage the financial anxiety of both new buyers and current owners/lessees. 

Generally, they’re giving buyers the option to defer their payments for as long as three months, and granting those having existing car loans the ability to have payments rescheduled if they are economically affected by the pandemic. Note that these programs only apply to those who are financing or have financed or leased through the automakers’ captive financing divisions. If you financed or leased independently and are having problems making payments, contact the lender or leasing company for assistance.

Here’s a quick look at which automakers are offering “pandemic protection” programs and what they entail:

• Acura: Deferred payments for 90 days when financing through Acura Financial Services through April 30. Current owners who financed through Acura Financial Services suffering hardship are eligible for lease extensions, payment extensions, deferrals, and late fee waivers. 

• Alfa Romeo/Chrysler/Dodge/Fiat/Jeep/Ram: Deferred payments for 90 days on select models, plus flexible terms available for current owners who financed through Chrysler Capital.

• Audi: Flexible terms available for current owners who financed or leased through Audi Financial Services.

• BMW: Deferred payments for 90 days on new and certified pre-owned models between March 1 and June 30. Flexible terms available for current owners who financed or leased through BMW Financial Services.

• Buick/Cadillac/Chevrolet/GMC:  Deferred payments up to 120 days through April 30. OnStar Crisis Assist free to current owners and complimentary Wi-Fi service for three months. Flexible terms available for current owners who financed through GM Financial.

• Ford/Lincoln: Payments deferred for 90 days, with the first three payments free on select models through April 30. Flexible terms available for current owners who financed through Ford Credit.

• Honda: Deferred payments for 90 days on vehicles financed through Honda Financial Services. Flexible terms available for current owners who financed through Honda Financial Services.

• Infiniti: Flexible terms available for current owners who financed through Infiniti Financial Services.

• Jaguar/Land Rover: Payments deferred for 90 days on vehicles financed through Jaguar Land Rover Financial Group through May 31. The automaker will waive the first three payments up to $750 each for returning lessees. Current lessees can extend their contracts for up to six months.

• Hyundai/Genesis: Automaker will make up to six months of payments for new customers who lose their jobs by December 31. This applies to buyers and lessees taking delivery between March 14 and April 30 with transactions financed through Hyundai Capital.

• Kia: Current owners who financed through Kia Motors Finance who are temporarily unable to work because they are caring for themselves or a family member can request up to three 30-day payment extensions.

• Lexus: Flexible terms available for current owners who financed through Lexus Financial Services.

• Mazda: Flexible terms available for current owners who financed through Mazda Capital Services.

• Mercedes-Benz: Assistance available for select owners who financed through Mercedes-Benz Financial Services.

• Mini: Warranties expiring within 30 days will be extended for another 30 days. Assistance is available for current owners/lessees who financed through Mini Financial Services.

• Mitsubishi: Payments deferred for 90 days on vehicles financed through Ally Financial until April 30. Current customers who financed through Ally can have payments deferred for up to 120 days.

• Nissan: Assistance available for select owners who financed through Nissan Motor Acceptance Corporation.

• Porsche: Current lessees whose contracts expire in April can have them extended for up to six months. Payment deferrals are available on a select basis due to hardship.

• Subaru: Payments deferred for 90 days on vehicles financed through Subaru Motors Financial. Current SMF lessees may extend their contracts for up to six months.

• Toyota: Payments deferred for 90 days on vehicles financed through Toyota Financial Services. Flexible terms available for current owners who financed through Toyota Financial Services.

• Volkswagen: Payments deferred for 90 days on vehicles financed through Volkswagen Credit. Current VC lessees may extend their contracts for up to six months.

• Volvo: Extensions available to current lessees who financed through Volvo Car Financial Services.