buying Every Automaker That Offers Incentives, Loan Support in Pandemic
General Motors guts CES plans, may have shown Cadillac electric car
CEO Mary Barra was supposed to deliver a keynote speech, but that's not happening anymore.Plans for CEO Mary Barra to deliver a keynote address have been scrapped, with the automaker sending a limited presence to the biggest tech event in the US. Most of it will revolve around the automaker's OnStar division.
- Automakers are offering new incentives and support for current borrowers and lessees during the ongoing pandemic.
- For current owners, rescheduling payments is an option on a case-by-case basis.
- With these offers in hand, now might be a good time to buy a new car.
As this year’sturn further south and, because of the ongoing pandemic, more businesses close, people go inside, and commerce stops, automakers are looking to lessen the blow with financial offers to recent and new buyers. One manufacturer after another has announced offers such as zero-interest loans for top-tier credit borrowers and payments deferred for up to six months.
Toyota is building an entire futuristic town around not driving
Called the Woven City, this planned metropolis is designed to be a testbed for future technologies.Today at CES in Las Vegas, the automaker announced its ambitious new construction project, called the Woven City. Located near Mount Fuji in Japan, this brand-new municipality will occupy the location of a defunct manufacturing plant. The automaker has reclaimed a 175-acre plot of land that, over the next few years, will be transformed into a city of the future.
If you've been in the market for a new car before all this happened, you don't have to drop it now. Not when automakers are providing plenty of reasons to go out and find one now. General Motors is offering zero-interest loans through seven years for buyers with top-tier credit history, and Ford is giving buyers the option to defer payments for up to six months, with three months paid for by the company.
But the offers don't just impact new-car buyers. If you recently purchased a car or still owe on a lease or loan, many of the companies are offering some form of payment relief if you are impacted by COVID-19, most of which are on a case-by-case basis. Keep in mind that the offers are for those who borrowed from the automaker’s financial arm or are looking to do so.
The best concept cars and debuts of CES 2020
From movie-inspired concepts to electric SUVs and, yes, even a flying taxi, these are the biggest automotive debuts of CES.A number of companies use CES to show off connected car services and new technologies, and be sure to check out a list of our favorites. But as for the brand-new cars and concepts -- from movie-inspired creations to freaking flying taxis -- these are the things that wowed us most at CES 2020.
Here’s a list of the offers from automakers and lenders alike, which we will continue to update as more offers are made:
Current owners or lessees: Ford has said that current owners that currently owe to Ford Credit "may be able to change a payment due date or delay a payment.” Customers are told to contact thefor details.
Prospective buyers or lessees:is offering a total of six month of payment deferrals, with three of those months paid for by the company.
Current owners or lessees:who currently owe to GM Financial to adjust payments, such as by deferring them, for those affected by COVID-19.
Prospective buyers or lessees: GM Financial is offering zero interest loans for up to seven years for buyers with a top-tier credit history. The company is also offering up to four months of payment deferrals.
Mercedes-Benz Metris Weekender: A modern twist on the pop-up camper
It'll sleep four and even offers solar panels if a trip goes off the grid.If traditional camping is too rugged, and a full-blown RV is over the top, allow Mercedes-Benz to provide a solution in the Metris Weekender pop-up camper, which debuted on Thursday at the Chicago Auto Show.
FCA doesn’t have its own lending arm like many of the other manufacturers, but both of their primary financial suppliers, Chrysler Capital and Ally Financial, are offering financial support.
Current owners or lessees:to be deferred for up to 120 days. accounts of customers who need assistance.
Prospective buyers or lessees: Ally Financial is allowing new customers to defer payment for up to 90 days.
Toyota and Lexus
Current owners or lessees: Toyota and Lexus Financial Services are offering customers in good standing the option for a payment extension or lease deferred payments.
Prospective buyers or lessees: The financial arm of the company is also offering payment deferrals to new customers.
Current owners or lessees: Nissan Motor Acceptance Corp, the financial arm of the company,to reschedule payments.
Prospective buyers or lessees: The company is offeringof up to 90 days on new-car purchases.
Hyundai and Genesis
Current owners or lessees:who purchase or lease a vehicle between March 14 and April 30 of this year and lose their job due to COVID-19, .
Prospective buyers or lessees: For vehicles purchased between March 14 and April 30 of this year, payments can be deferred for up to 90 days for select Hyundai vehicles and the 2019 Genesis G70 (the only Genesis vehicle included on this offer).
Used car vs. new? These 10 vehicles have obvious answers .
Some lightly used cars are bargains; with others, you may be better off buying new.The average 1-year-old vehicle costs about a quarter less than its new equivalent, but some models are as little as 5.2% below new, while others can save you up to 43.4%, or nearly half, according to car-shopping website iSeeCars.com.