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Car Payment Relief During Coronavirus from freemexy's blog

Automakers are setting up programs to allow borrowers to defer loan payments if they have been financially impacted by the coronavirus pandemic. COVID-19, also known as the coronavirus, has unsettled the stock market and cast a pall of doubt over businesses both large and small. But the personal impacts of social distancing, isolation and uncertainty are equally as trying. Widespread business closures are causing financial hardship for a number of Americans, who now find themselves unable to pay all of their bills. Any worries we can lift from your mind could allow you to focus more energy on getting you and your family through this crisis.To get more auto finance news, you can visit shine news official website.

We'll be updating this article regularly to help you figure out if making your next car payment is one worry you can let go of for the time being. Several automakers are currently offering payment deferrals for customers experiencing financial hardship. Many automakers are also offering deferred payments and special interest rates on new purchases, and we've assembled a separate resource for anyone considering buying right now. If you're leasing your car, extensions are available from most automakers.

We've written a thorough guide for what to do if your lease is ending during the coronavirus pandemic. Lessees should have a plan, so they don't risk penalties or an automatic contract extension that could cost them extra. BMW and Mini are urging customers in need of financial or account assistance to contact their financial services customer service to discuss what assistance may be available. They will be working with customers on a case-by-case basis.

FCA, which encompasses Fiat, Chrysler, Dodge, Jeep, Ram and Alfa Romeo, is encouraging customers to contact their loan servicer to discuss payment relief options. FCA customers may need to contact either Chrysler Capital or Ally Financial (discussed below). Hyundai and Genesis are both offering up to six months of payment relief for owners who lose their jobs, making it the most generous outright assistance package we've seen. Hyundai Assurance was originally introduced in 2009 during the economic downturn to offer help to consumers.


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