Car sales have plummeted since the beginning of the COVID-19 pandemic, and every single automaker is feeling the pain. In response to the volatile economic conditions, most major auto brands launched payment deferral plans to remove some of the hesitations and incentivize car shoppers to more forward with their purchase despite the uncertainty. While most automakers offer 90-day car payment deferrals, some are going the extra mile with 120-days or more in the event of a job loss. We count down the top 5 automakers with the longest auto loan payment deferment plans and give you the scoop on each.
Shoppers looking to buy a Kia in the coming weeks can do so with extra assurance thanks to Kia's "Accelerate the Good" program which includes financing and payment deferment offers. The automaker's website outlines the new customer offers with the headline "you don't have to defer your dreams." They back up the promise with no-interest financing for up to 75 months and deferred first payment for up to 120 days on select vehicles financed through Kia Motors. The deferred payment is valid on the 2020 Sportage, Sorento, Sedona, Forte, Stinger, and Optima.
Kia Payment Deferral: Up to 120 days
GM is neck and neck with Kia in the deferred payment race. The parent company to Chevrolet, Buick, GMC, and Cadillac rolled out a COVID-19 response program which includes financing incentives and deferred payment for up to 4 months. Well-qualified customers get interest-free financing for 84 months on select GM vehicles with deferred payments for up to 120 days. The "Chevy Cares" program states that the special financing offer is available on all 2019 models and the 2020 Equinox, Silverado 1500, and Trax, while the 120-day payment deferment is available on most models including the new Chevy Blazer.
GM Payment Deferral: Up to 120 days
Volkswagen is in a three-way tie with Hyundai and Ford for the longest payment deferral program with up to 6 months of deferred payments. To reassure hesitant car shoppers, the automaker has launched a campaign called "Community-Driven Promise" which includes generous financing and deferred payment for new customers. VW is offering zero-interest financing for up to 72 months and deferred first payment (with proof of a job loss) for 180 days when using Volkswagen Credit. The financing and deferred payment offers are valid on all new 2019 & 2020 Volkswagen models financed through Volkswagen Credit.
VW Payment Deferral: Up to 6 months
The Hyundai Assurance Job Loss Protection program allows customers to feel more confident pulling the trigger on a new car such as the affordable Hyundai Kona. The automaker is offering 0% financing for up to 84 months and deferred payments for up to 120 days on selected vehicles, plus up to six months of waived payments for new owners who lose their job between now and December 31, 2020. The 0% APR financing offer excludes the Hyundai Palisade, Ioniq, Veloster, and Nexo, but the 6-month deferred payment is valid on any new Hyundai model financed through Hyundai Motor Finance.
Hyundai Payment Deferral: Up to 6 months
Ford is giving a gentle nudge to prospective shoppers considering a new truck, SUV, or car, with its "Built to Lend a Hand" campaign. The program offers new buyers the option to defer their first payment for 90 days, and then Ford will make the first three payments for a total of 6-months with no payments. The offer is valid on most new models like the best-selling Ford F-150, with the exception of the 2020 Super Duty, Raptor, Mustang Shelby GT 350/GT 350R/GT 500, Mustang BULLITT, Ford GT, and F-650/750.
Ford Payment Deferral: Up to 6 months