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.
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.
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.
Coronavirus Pandemic: What Should I Do if I Can't Make My Car Payment?
As the effects of the COVID-19 pandemic pummel the U.S. economy, mandatory business shutdowns and reductions in consumer demand are leading to massive job cuts. Many car owners will find it hard to make their car payments and avoid defaulting on their car loans. Others may put off a car purchase because of a tenuous job status that takes away confidence they’ll be able to make their payments on time. On March 20, U.S. cases of the coronavirus-caused COVID-19 officially topped 15,000. There have been 201 COVID-19 deaths in the U.S., as of that date.
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.
Need an 84-month loan? You can't afford the car
The average US new-car loan just topped 70 months for the first time. Pandemic or not, is an 84-month term ever a good idea?When it comes to the auto market, coronavirus has created no small number of unknowns—chief among them, how long will the economy remain paralyzed, and how long will it take those who have lost their jobs to find new ones once the country reopens for business. Buying a new car is that last thing on most peoples' minds.
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).
How to buy a used rental car and potentially save thousands as companies like Hertz go bankrupt .
A used rental car can be a much cheaper option than other comparable cars. Here's nine steps to make sure you buy a used rental car.But you're also aware that this might be the time to potentially snap up a used rental car, especially if you're fortunate and have some money to spend. Industry experts, according to CNN Business, estimate rental companies to offload 1.5 million cars in their US fleets over the course of the coming weeks and months, thus inflating the already bloated supply to potentially overwhelm the currently weak demand. Translation: You as the consumer might be about to receive even more buying options.