During this economic crisis caused by the coronavirus COVID-19 pandemic, automakers are struggling to offer car payment programs to help those in need. Their marketing efforts are now focused on trying to convince people that it is a great time to buy a car.
Major car manufacturers such as Fiat Chrysler Automobiles (FCA), Ford Motor Company, General Motors, Hyundai, Kia, Nissan, Toyota and Volkswagen are offering coronavirus payments and plans.
Automakers’ COVID-19 programs and incentives to spur sales have begun quickly. These types of incentive programs have been used in the past during economic downturns and for inventory control. The good news is that history repeats itself, so car sales will recover over time, so it won’t be necessary to count on these types of programs long term.
During tough economic times, car manufacturers are anxiously waiting for things to go back to normal. Major car manufacturers in the USA are offering several incentives such as delayed payment options for people in the country affected by COVID-19.
For instance, Fiat Chrysler is providing funding for leases and new-car purchases through Chrysler Capital and Ally Financial. They’re also offering a wide variety of payment options.
Many car manufacturers are offering help to those people affected by the pandemic. If you anticipate problems making your payments, it is important to contact your auto financier as soon as possible. It is in your best interest to discuss your options this could include things such as flexible payment arrangements and extensions. Keep in mind that if you are leasing you can also negotiate to postpone lease payments as well.
Automakers are also introducing new programs to stimulate potential buyers to purchase their car.
General Motors is offering customer’s interest-free payments for 84 months and also postponed payments for up to 120 days. Ford Credit is offering to make customers first three loan payments while giving the option to delay their first payment for an additional 90 days.
It is important to understand that every car manufacturer has different needs so they are offering different programs. But all are offering flexible and creative financing relief to customers during this time. As a consumer, you can be confident that car dealerships are open for both vehicle sales and service.
Automakers are also giving customers the option to shop online and get their car delivered. Through this initiative, consumers have the opportunity to choose a vehicle, estimate their trade-in value, agree on payment, add accessories, and schedule delivery without visiting the showroom. A great idea during social distancing and isolation.
Projections for U.S. auto sales for the rest of 2020 are not looking strong. If COVID-19 isolation is prolonged more long-term, economic slowdown will lead to fewer car sales. This scenario has forced automakers find creative ways to help people in this time of need.