Ford, Hyundai, and Toyota are offering various types of financial relief.
Payment deferrals and various incentives are in place to ease the pressure.
As we double-down and dig in our heels to face the ongoing coronavirus outbreak, many of us are finding ourselves with reduced incomes and possibly without work. In an effort to help out, many car manufacturers are offering to ease the financial burden of car payments through a number of programs.
Hyundai will provide new vehicle customers with a 6-month payment deferral program on top of a 1% rate reduction on various eligible vehicles. Exiting leasing customers get a 1-month payment deferral while those financing will be entitled to 3 months. And, if your lease is almost up, Hyundai will give these customers a 1 to 3-month extension.
Meanwhile, Ford invites its existing customers to take advantage of their “Built to Lend a Hand Program” and call 1-877-636-7346 to work out a possible 90-day extension on payments. Those shopping for a new 2019 or 2020 vehicle and looking to finance through Ford Credit will be entitled to 3 months paid by Ford plus 3 months of deferred payments.
As well, Toyota Financial Services invites its customers to contact them at 1-800-661-3062 to work out accommodations.
In order to help you out, here are links to information or contact pages for the following manufacturers in Canada:
1 (800) 205-0402
Here are two pieces of advice: It’s important to know that we’re all in this together. As well, it’s equally important to understand that no one, no matter the circumstances, can simply decide to arbitrarily stop paying down a loan – this will cause more harm than good in the long run.