Which Automakers Are Offering Incentives During the Coronavirus Crisis?
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Which Automakers Are Offering Incentives During the Coronavirus Crisis?

By Chris Teague | May 15, 2020

This article was last updated on May 15, 2020. We also have a photo gallery that walks you through each of the brands' current offers. Autolist will continue to update the piece as more programs become available or change.

As the COVID-19 crisis continues to spread, companies in the automotive industry have increasingly jumped in to help their customers and potential buyers with everything from financing options to curbside or home delivery to minimize stress and human contact during the buying process.

We’ve gathered the deals and programs that are currently being offered by automakers, many of which include car loan payment deferral, payment relief, or special financing rates for new vehicles and even certified preowned vehicles.

Here are the incentives and assistance programs currently offered for new car buyers and vehicle owners impacted by the coronavirus pandemic.

Acura/Honda:

Acura and its parent company Honda announced a series of measures intended to help their customers make it through this time:

  • Existing Acura and Honda Financial Services customers can take advantage of extensions and first payment deferrals of up to 60 days. The companies will also waive the late fees for people affected by COVID-19.

  • The companies will offer up to $500 towards the purchase or lease of an Acura and up to $1,000 for the purchase of a new Honda as a loyalty purchase assistance

  • Honda and Acura certified preowned (CPO) buyers may be eligible for special financing rates on certain vehicles, such as the Acura TLX and RDX, and the Honda Civic, Accord, and CR-V.

  • Both companies are offering 90 days of deferred payments for qualifying customers.

Audi:

  • The German luxury automaker is offering zero-interest financing on 2019 models for up to 72 months.

  • Audi is offering new customers the option of defering their first month's payment for 60 days on all new purchased models.

  • Existing owners whose warranties were set to expire between March 1 and May 31 will have those plans extended by three months at no charge.

Fiat Chrysler:

Fiat-Chrysler Automobiles, which includes Jeep, Ram, Chrysler, and Dodge, is offering incentives and benefits for customers affected by COVID-19, but not all programs apply to all of the company’s brands:

  • Current customers may be eligible for flexible payment arrangements, but payment plans are set up on an individual basis, so check with your dealer or lender for more details.

  • Qualified prospective buyers can take advantage of 0% financing for up to 84 months on select Jeep, Dodge, and Ram vehicles.

  • Other 2020 models in the Chrysler lineup may be eligible for 0% financing for up to 60 months and deferred payments for 90 days on some 2019 and 2020 models.

Ford/Lincoln:

Ford and its luxury brand, Lincoln, both offer programs to assist their buyers and existing customers during the COVID-19 pandemic:

  • Six months of deferred payments for qualified new customers who finance or lease through Ford Credit. Ford covers the first three months, and customers can defer for another three months. Note: this only applies to 2019 models

  • Existing Ford customers may also defer payments for up to three months if they've been affected by this crisis.

  • Lincoln is offering zero-interest financing on select 2019 and 2020 models for up to six years.

General Motors:

General Motors' portfolio of brands covers a lot of ground since they include Chevy, GMC, Buick, and Cadillac, and not all are included in the relief programs:

  • GM is offering new customers 0% financing for up to 84 months for select 2019 and 2020 model year vehicles. Check with your Buick, GMC, Cadillac, or Chevrolet dealer for details.

  • Payments may be deferred for the first four months of the financing arm, but only for customers with top-tier credit ratings.

  • Those who currently own or lease a GM vehicle may be eligible for flexible payment plans or payment extensions. Customers are encouraged to reach out to GM Financial to see if they're eligible.

Genesis:

Genesis is the luxury division of Hyundai, and it's offering similar programs to its corporate parent:

  • New Genesis buyers that purchase the G70, G80, or G90 sedans and then lose their jobs will be eligible for up to six months of payment coverage by Genesis, as long as the vehicle is financed through Genesis Finance. Proof of job loss is required.

  • Current owners can take advantage of a deferral program if they lose their job or have been medically impacted by COVID-19.

  • Buyers of 2019 Genesis G70 models who finance through the automaker are eligible for zero percent interest for 84 months and up to 120 days of deferred payments.

Hyundai:

Hyundai offers programs that can help buyers and owners of certain models:

  • Hyundai is extending the warranties for existing customers whose current plans are set to expire between March and June 2020. Those warranties will now expire at the end of June 2020.

  • Buyers of select Hyundai models purchased before April 30 may be eligible for up to 90 days of deferred payments. Vehicles covered in this program include the Santa Fe, Tucson, Elantra, Elantra GT, Kona, Venue, and Accent.

  • Hyundai buyers that purchased their vehicle between now and May 17 may receive up to six months of payment coverage if their job was impacted by COVID-19.

Jaguar/Land Rover:

These classically British brands are now corporate cousins and they're offering the following terms to new and existing owners:

  • Those who currently own or lease a JLR can extend for up to six months a lease that's set to expire. Existing customers who start anew lease will have two payments of up to $750 covered by the automaker.

  • New JLR buyers and lessees can choose 0% financing for up to 72 months and defer payments for the first 90 days if they finance through the automaker. This offer is currently set to expire at the end of May.

Kia:

Kia -- Hyundai's corporate cousin -- is offering some healthy incentives for new and existing owners and lessees:

  • New owners are being offered 72-month loans at 0% interest and deferred payments for up to 120 days.

  • Existing customers may be eligible for up to three 30-day payment extensions, if they have been affected by the coronavirus pandemic.

Mazda:

  • Mazda is offering existing owners and lessees flexible payment plans if they financed through the automaker. Offers are on a case-by-case basis.

Mini:

  • Mini is extending warranties for 30 days for customers whose existing plans were set to expire between March 16 and April 16, 2020.

Mitsubishi:

Mitsubishi owners and buyers can take advantage of the following programs if financed through Ally:

  • If the vehicle was financed through Ally Financial, current Mitsubishi owners may be eligible for up to four months of deferred loan payments and zero-percent financing for up to five years.

  • New/prospective buyers may be able to take advantage of up to 90 days of deferred payments.

Nissan/Infiniti:

Nissan and Infiniti customers may be able to take advantage of special rates and financing terms that include:

  • Zero-percent financing on all Infiniti models and select Nissan models.

  • Up to 90 days of deferred payments on loans of either 60 or 72 months.

  • Individual support for payment arrangements and rescheduling.

Porsche:

  • The automaker has expedited its online buying service, which lets customers complete the entire purchase via the internet. Porsche is also offering home delivery of new and pre-owned models.

  • Existing owners and lessees who have experienced financial hardship are being offered payment deferrals of 30 to 60 days on a case-by-case basis.

  • Leases that expire in April can be extended for up to six months now (the normal length is two months).

Subaru

  • Subaru fans may be eligible for zero-percent financing for up to 63 months on new 2019 and 2020 versions of its most popular models, including Ascent, Forester, Impreza, Legacy, and Outback.

Toyota/Lexus:

Lexus and Toyota offer a few benefits to current owners that include:

  • Toyota is offering zero-percent interest for up to 60 months on Camry, RAV4, and Tacoma models.

  • Both brands are offering up to 90 days of deferred payments on both new and CPO vehicles, as long as financing is done through Toyota or Lexus Financial Services. Credit restrictions may apply, and the financing term must be a maximum of 72 months.

  • Payment extensions and other arrangements may be set on a case-by-case basis.

Volkswagen:

  • VW will cover up to six months of payments (up to $750 per payment) for customers who buy and finance through the automaker by June 1 and then lose their jobs up to 90 days later (offer isn't valid in New York).

  • New shoppers are being offered 0% interest for up to 72 months and deferred payments for the first 120 days (previously it was 180 days).

  • Existing VW owners and lessees may defer payments for up to 90 days without fees.

  • Lesees may extend their leases for up to six months, with a 20 percent reduction in the monthly payment for up to five payments if they extend their leases for at least three months.

  • VW is also extending for three months the warranties for current owners whose plans were set to expire between March 1 and May 31.

  • Dealers in some areas may also be offering at-home vehicle pickup and dropoff for VW vehicles that need service or repairs.

Volvo:

  • Existing owners and lessees who are experiencing financial hardship due to the coronavirus are encouraged to contact the automaker for lease extensions or payment deferrals.

  • Volvo is also promoting its online shopping availability and home delivery for new vehicles.


New auto loan and lease payment programs are becoming available every day as the quarantine and social distancing practices continue.

Even if your vehicle's manufacturer isn't listed here as being one that offers help with a car payment or with the car-buying process, it's still worth a call to your local dealership to understand what your options are.

Autolist will update this article as more programs become available.