Hyundai, Ford offer new-car payment relief amid coronavirus pandemic

Hyundai, Ford offer new-car payment relief amid coronavirus pandemic


Automakers are beginning to roll out incentive programs designed to reassure customers that they can buy a new car without having to worry about losing their ability to pay for it during the coronavirus pandemic.

Hyundai said it is reviving its Hyundai Assurance Job Loss Protection Program to give owners “peace of mind in uncertain times,” as the COVID-19 outbreak leads to concerns that Americans will stop buying new cars and trucks.

The program was first launched during the Great Recession, when it helped Hyundai gain market share on its competitors despite the automotive industry’s sales crisis during that period.

Hyundai said the program will provide up to six months of car payments to new buyers if they lose their jobs involuntarily. It will also provide 90 days of payment deferral on new purchases of vehicles like the Hyundai Palisade SUV and the Elantra sedan.

Coronavirus implications:What zero rates, sub-1% bond yields mean for your mortgages, student loans, credit cards

Store hours changing:Walmart cuts hours at 24-hour stores and other locations nationwide

2020 Hyundai Sonata

Ford is making a similar move by offering customers “potential delay of payments to provide relief” through its credit division.

It’s also providing new-car buyers the chance to delay their first payment by 90 days.

The coronavirus outbreak is accelerating so quickly that few analysts have projected its impact on the auto business, which had a better-than-expected February before the pandemic began to have a significant effect on the U.S. economy.


Source link

By Javier Manning

Javier has been in the field of content writing for almost 8 Years as he hails from the Biotechnology background. The edifying articles portray her craving towards language. His keen hobby of reading technological innovations related books or articles has sown the seed of being a well-versed editor with the current scenario of numerous industry verticals. He is one of the valuable assets to this publication. The Industry News Press has awarded him with a senior editors post based on his skillful performance to date.