Special Deals From Car Manufacturers As Compiled By KBB.COM
Besides incentive offers, several manufacturers and one lending institution are giving payment deferrals for new customers. These deals are a way of reassuring buyers that they will be protected from any economic dislocation encountered in the wake of the Coronavirus shutdowns.
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The Ford program offers six months of payment grace for qualifying new car customers who finance or lease vehicles through Ford Credit. Ford pays for the first three months. Customers can defer making payments for up to three months more. Eligible vehicles include 2019 and 2020 models excluding 2020 Super Duty trucks. Offer expires March 31, 2020.
At General Motors, buyers can take advantage of 0–percent financing for 84 months. It allows them to defer the first four payments. Eligibility extends to vehicle purchases made from March 17-30. The program extends to A+ and A- tier customers. Deliveries must occur within 30 days. The offer excludes select base trims on some models. The program includes all 2019 and select 2020 vehicles.
Buyers of new Genesis G70, G80 or G90 sedans between March 14 and April 30, 2020, who suffer an involuntary job loss due to COVID-19 through the end of the year, can defer up to six months’ payments. Their new car must be financed or leased by Genesis Finance. Restrictions apply and proof of job loss required. See dealer for details. Customers who buy a new 2019 Genesis G70 and finance it through Genesis Finance by April 30, 2020, are allowed to defer payments for 90 days.
Genesis, in partnership with Genesis Finance, on March 25 adds current Genesis owners to the payment deferral program. Owners who have lost their job due to or have been medically impacted by COVID-19 may request a 30-day payment deferment up to three separate times. Current Genesis owners who financed or leased their vehicle through Genesis Finance before March 14, 2020 are eligible for this offer if:
- They provide care for themselves or a member of their household resulting from the current global health crisis and are temporarily not able to work
- They suffer job loss resulting from the current global health crisis
Hyundai is offering 0 percent financing and 4 months of deferred payments on select new vehicles through April 30. Additionally, for current owners who lost their jobs or experience medical hardships related to COVID-19 before April 30, Hyundai will defer up to 3 months of payments.
Also the “Hyundai Assurance” program, which was first launched during the 2009 recession, has returned. Hyundai covers up to six months of payments on new vehicles purchased or leased between March 14th and April 30th, 2020, for those lost their jobs due to COVID-19 this year.
Honda and its Acura luxury brand are offering up to 90 days deferral on the first payment of a new vehicle. Both Honda and Acura waive late fees for customers impacted by COVID-19. Eligible customers must finance with Acura or Honda Financial Services. Honda is also offering $1,000 toward the purchase or lease of select models, while Acura is offering $500.
The Kia program offers first payment deferrals of up to 120 days, and 0–percent financing on 2019 Forte, Niro PHEV, Niro EV, as well as 2020 Forte, Soul, Optima, Optima Hybrid and PHEV, Sorento, Sportage, Sedona, and Stinger vehicles. Eligibility extends to new models financed through Kia Motors Finance between March 18, 2020, and March 31, 2020.
Nissan Motor Acceptance Corporation (NMAC) offers 90-day deferred payments for 60 and 72 months for new special APR retail customers. Customer service teams support individual arrangements for payment rescheduling. Details can be found here.
In an effort to make car buying less of an in-person affair, Porsche is incentivizing its dealers to set up and use its online buying program by offering discounted installation rates to those dealers. The system covers both new and used vehicles in the dealer’s inventory, and allows online buying, financing, and leasing of those vehicles. Customers will still need to visit dealerships for final signatures, but the company says that home delivery is also possible.
Both the Toyota and Lexus divisions offer deferred payments for 90 days in some circumstances on both new as well as certified used vehicles. The offer applies to purchased vehicles only, and financing must be through Toyota or Lexus financial services. This offer applies to Tier 1+ through Tier 3 customers. Contracts have a maximum term of 72 months.
Volkswagen is offering up to 180 days of deferred payments to customers who purchase and finance a vehicle through VW cred. Offer expires April 30, 2020. The automaker is also offering 0-percent financing for up to 72 months.
One of the largest banks specializing in auto loans is Ally. For its current customers, Ally offers auto loan payment deferrals up to 120 days. The bank dispenses its late fees. It notes that interest accrues on the deferred amount. Borrowers taking out new loans can defer their first payment 90 days.