- Automakers are extending financial support to customers stressed by the coronavirus pandemic.
- Honda joined Ford, General Motors, Fiat Chrysler Automobiles, Hyundai, Nissan, and Toyota in offering varying levels of support.
- Measures range from payment delays to 90-day, no-payment terms on new purchases to o% financing deals.
- Visit Business Insider’s homepage for more stories.
The finance arms of major automakers have been extending offerings of support to customers hit hard by the COVID-19 coronavirus pandemic.
The most recent company to lend support was American Honda. On Thursday, the company said “We have been monitoring the impact of the COVID-19 pandemic very closely and today are announcing a series of proactive steps to help reduce any hardships or disruption in service to our customers and automobile dealers in the United States.”
According to Honda, “Existing Acura and Honda Financial Services account holders could request “[p]ayment extensions and deferrals of up to 60 days, as well as late fee waivers.” The company would also contribute $500 toward buying a new Honda and $1,000 toward a new Acura.” (Acura is Honda’s luxury division.)
Honda also outlined a 90-day-deferred payment program on new financing.
Honda joined Ford, General Motors, Fiat Chrysler Automobiles, Hyundai, Nissan, and Toyota in offering varying levels of customer support.
Ford Credit said that stressed customers could request payments delays and also laid out a 90-day no-payment plan for new purchases.
GM Financial offered assistance to customers, directing them to several resources at a dedicated coronavirus site.
Hyundai and its Genesis brand also provided assistance.
Hyundai Motor North America and Hyundai Capital said last week in a statement that they would “make up to six months of payments for new owners who lose their jobs and have purchased or leased their vehicle between March 14 to April 30, 2020 through Hyundai Capital.”
The carmaker added, “Additionally, for select new purchases through April 30 financed by Hyundai Capital, Hyundai is deferring payments for 90 days at the customer’s request.”
The program is called “Assurance Job Loss Protection” and was originally used during the financial crisis.