GM is just one of the automakers providing customers with deferred payment options in light of COVID-19
If you’re considering purchasing a new car or worried about how you’ll make car loan payments on a current ride the next few months, here’s some good news. Per Reuters, several automakers are offering U.S. buyers the option of deferred payments.
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GM’s distinct financial offerings
GM is just one of the manufacturers doing its part to help out consumers who might be experiencing financial hardships due to the impact of the coronavirus on the economy and workforce. It will provide payment relief options to customers impacted by the virus, in the form of deferred lease payments or payment extensions. “We are working with customers on a case-by-case basis regarding payment deferrals and waiving late fees,” a GM spokesman said.
Per CNBC, GM Financial is offering 0 percent financing for seven years and four months and deferred payments for those with A+ credit ratings. If you have an A1 credit rating, you can still take advantage of the deferred payment option, just not the 0 percent financing one.
GM spokesman Jim Cain articulates that this combination offer is a unique one that the company has never done before. For him, this deal is an expression of the brand’s solidarity during the COVID-19 pandemic. “We wanted to reassure customers that we’re here for them and our dealers are here for them.”
More financial relief and the predicted decline in auto sales
Photo: Images Money
Other automakers are providing some financial incentives during this time. Nissan, Ford, and Hyundai are also offering delayed payment options and extensions for customers who need it.
These financial offerings should provide welcome relief to new car owners and those with car loans in the days ahead. It should also help automakers get a jumpstart on making up for the expected 9 percent decline in auto sales for 2020, as Morgan Stanley analyst Adam Jones predicts.
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Whitney Russell is a current resident of Dayton, though her spirit can be found beach-bumming in Puerto Rico (the land of her half-Puerto Rican heritage). When not adventuring through the exciting world of car news, she can be found hiking with her husband and their two dogs, motorcycling, visiting her cute nephews and nieces, discovering new memes, reorganizing and/or decorating some corner of the world, researching random things, and escaping into a great movie, poem, or short story. See more articles by Whitney.
