The world economy is feeling the crunch of the COVID-19 pandemic, and the automotive world isn’t free from it.
For the latest information on the COVID-19 pandemic, make sure to check the World Health Organization website.
Numerous car plants across the globe are halting production for days or weeks in a concerted effort to keep employees safe. In the US, Honda was the first to announce a production stoppage on March 18, lasting six days. Soon after GM, Ford, FCA, and Nissan announced their own planned shutdowns. Many dealerships are following suit in closing, or at least running reduced business hours.
We’re in uncharted waters, and that’s resulted in various programs and discounts that could benefit you, the current (or prospective) car buyer. Below we’ll be keeping an updated list of the payment assistance programs or buying and leasing deals.
Fiat Chrysler Automobiles
On March 19 FCA announced zero-percent financing for 84 months for select models from its Ram, Dodge and Jeep brands. There’s no word on a similar deal for its other three brands Chrysler, Fiat, or Alfa Romeo. For specific deals we recommend calling your local dealership.
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Ford announced its “Built to Lend a Hand” program on March 19. The program provides up to six months of support for buyers of 2019 and 2020 model year vehicles (except the F-Series Super Duty) who may have been affected by the coronavirus. The offer is split between three months of Ford paying, and three months of deferred payments.
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Roughly 75 percent of the 3000 or so American Ford dealerships will also be offering remote vehicle delivery, for both sales and service. During March and April, the Blue Oval will be incentivizing this approach, offering payments to dealers who take part in vehicle delivery.
This program comes on the back of a Ford Credit program announced Monday, March 16. It covers existing Ford owners, allowing them to call Ford Credit to discuss payment options in the face of coronavirus-related work disruptions. You can find more details at the Ford Credit website.
Hyundai has brought back Hyundai Assurance, a program it first launched in 2009 during the most recent recession.
Like Ford, the Korean automaker is offering up to 90 days of deferred payments for select new Hyundais bought between March 14 and April 30. Hyundai will also cover up to six months of payments in the event a buyer has lost their job due to coronavirus, double Ford’s offer.
SEE ALSO: 2020 Hyundai Sonata Review
The 90-day deferred payment offer applies to new vehicle purchases only. The six-month payment relief, on the other hand, applies to both financed and leased models. Both use the Korean automakers financing division Hyundai Capital.
Luxury sister brand Genesis is offering the same program under the name Genesis Cares.
LATEST UPDATE: March 20, 16:50 EST.