Automakers Offer Incentives for Buyers During COVID Pandemic
We've compiled all of the payment waivers and deferrals that the mainstream automakers are offering right now.
Take a glance at the auto sales figures coming out from March, and it’s clear that the auto industry is far from immune to the slowdown that’s occurring because of COVID-19. Buyers aren’t going out to buy anything, and those that need a new vehicle are likely worried about what the next few months will bring to their finances if they aren’t already affected. So automakers are moving to introduce programs to help out those who still need a new set of wheels, or just for those who are still in a position to take advantage of a sale.
We’ve compiled all of the payment waivers and deferrals that the mainstream automakers are offering right now. No, not every brand is on here, but we’re thinking Bentley and Ferrari buyers probably aren’t worried about skipping a month. We’ll also point out that you should be sure what offer you’re getting. A payment waiver, like Nissan is offering, means they’ll make those payments for you. No payments for X days, or a payment deferral, means that you’ll need to pay those back eventually, usually in the form of a loan that’s the same number of months longer, and on some you’ll be charged interest during those payment free months. Most of these offers are on purchase financing only, and with the automaker’s chosen lender. So you probably can’t get your own loan and get these offers.
Ford’s Lend a Hand offer splits the differences between waiver and deferral, and in doing that gives you one of the longest offers. Ford will make three payments for you and defer three months. That could give you six months without needing to make a payment out of pocket, or you could enjoy a three-month discount and carry on as usual. Lincoln buyers can get the three-month deferral on new vehicle purchases.
Fiat Chrysler Automobiles is offering a deferral of up to 120 days on Fiat, Dodge, Chrysler, Jeep, and Ram vehicles, in a program billed as no payments for 120 days.
General Motors is offering 90 days payment deferral on select Buick, Chevrolet, and GMC vehicles. Leasing customers of certain models can also get their first lease payment waived
Hyundai is offering a six-month payment deferral on its vehicles, giving you plenty of time to get back on your feet. The brand is also offering lower interest rates on select vehicles.
Kia is offering up to 120 days with no payments, again as a deferral. This one too is only for purchase customers and approved credit (that one applies to every automaker’s offer).
Mazda joins the list of automakers offering no payments for 120 days.
Mitsubishi is offering a payment deferral of 90 days, but is also currently offering an extended warranty valued at $2,600 for buyers of any of the brand’s crossovers.
Nissan, and its luxury brand Infiniti, are currently offering to waive the first three payments for customers on select vehicles.
Toyota is currently offering a 180-day payment deferral and isn’t charging interest during that time. Lexus is offering the same deferral but is also offering a 1.5 percent interest rate reduction for new customers and 2.0 for existing Lexus customers buying new vehicles.
Subaru is offering a 120 day deferral on new vehicle purchases.
Volkswagen is not currently offering any new incentives, but we should note that their site is still showing March offers. If it updates, we’ll let you know.
UPDATE: Volkswagen is currently offering a 90-day payment deferral for new customers, as well as zero-percent financing for up to 72 months depending on the vehicle. The automaker also has cashback offers of up to $4,000, again depending on the model.