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As the coronavirus pandemic spreads, a number of auto loan lenders are stepping in to help support customers in this unprecedented time.
Many lenders are offering auto loan relief programs to help their customers alleviate some of their financial burden.
If you need relief, we’ve compiled a list of major auto lenders and detailed what help they’re offering — if any — along with related eligibility requirements where that information is available. If you’re facing auto loan default, be sure to reach out to your lender as soon as possible to discuss any options you might have.
What it’s offering: Auto loan customers may defer paymentswithout being charged late fees. When you defer, the lender will extend your next due date to give you more time to make your payment. After the extension period ends, you resume making your regularly scheduled auto payments, and your contract or agreement will be extended by the number of payments you deferred. Ally Financial has posted a list of FAQs about its auto payment deferral program.
What it’s offering: Chase is offering relief if you’re having trouble making auto loan payments. For payment assistance, you can enroll online. And if your lease is about to end, Chase Auto is allowing customers to extend their lease agreements for up to six months by continuing to make monthly lease payments. Chase Auto is offering this assistance to bank customers as well as Aston Martin Financial Services, Jaguar Financial Group, Land Rover Financial Group, Maserati Capital USA, Subaru Motors Finance and Vroom Financial Services customers.
Ford Motor Credit
What it’s offering: If you’re having difficulty making your payments because of the coronavirus, Ford is offering payment extensions and may waive late charges upon request. You’re encouraged to log in to your Account Manager to view options. You may also call 1-800-727-7000 for support.
Mercedes-Benz Financial Services
What it’s offering: For payment deferral requests, Mercedes-Benz Financial Services is directing customers to log in to their account and follow the instructions on the account home page. For other needs or questions, Mercedes-Benz Financial Services encourages people to call 1-800-654-6222.
Wells Fargo Bank
What it’s offering: Wells Fargo is offering late-fee waivers and three-month payment deferments. If you need help, you’re encouraged to contact customer service, but be prepared for longer-than-normal wait times.
This list does not cover every auto loan lender, and yours might not be included. If you need assistance making auto loan payments and aren’t sure what your lender is doing to help, we recommend checking your lender’s website or calling its customer service number to discuss the relief it may be able to offer you, such as late-fee waivers, deferred payments or loan extensions.