Coronavirus Relief: Automakers and Lenders Offering Payment Support

Kelley Blue Book ^ | March 20, 2020 | KBB Editors

[PJ-Comix]

Layoffs, stay-at-home mandates and the closing of non-essential businesses as a result of the spread of the COVID-19 coronavirus roil the nation. Not surprisingly, the automotive industry faces its own upheaval. Production is suspended as companies and states order workers and the public to stay at home. And while there are still plenty of vehicles for sale on dealer lots, many showrooms are closed. For those remaining open, sales suffer as potential car buyers heed warnings of social distancing by distancing themselves from car dealerships.

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If you’re in the market for a car or plan to be soon, there are deals to be had.

“In terms of incentives, now is a great time to buy a car, especially for consumers with a prime credit rating,” said Michelle Krebs, executive analyst at Cox Automotive. “Zero percent deals up to 6 or 7 years abound from numerous automakers along with a number of other perks, like delaying the first payment for three months or getting help in case of a job layoff.”

[PJ-Comix]

We already did the GM deal and picked up the 2020 Equinox a couple of days ago as you can see in pic below. Deal ends on Monday so if you want to take advantage of these deals look for the Make you want in the article for the deal and when it expires.

[billyboy15]

I never finance anything accept my home but 7 yr interest free financing is a winner and I’d do it in a heartbeat.

[eyeamok]

“In terms of incentives, now is a great time to buy a car, especially for consumers with a prime credit rating,”

Bought a new Chevy Colorado yesterday, got another $4000 off the discounted price, which was $6000 below Sticker, CASH!!

[EVO X]

Did you pay list price or were you able to negotiate?

[PJ-Comix]

I never finance anything accept my home but 7 yr interest free financing is a winner and I’d do it in a heartbeat.

Which we did and due to probable inflation, the payments in the later years will be essential less in real value.

[PJ-Comix]

We got it pretty much at list but without ZERO percent interest I knew we wouldn’t get it much lower. End result is that WITHOUT interest our total amount paid for the car is a lot lower when fully paid off. Plus the tail end of the payments will be with inflated dollars.

[PJ-Comix]

We got it pretty much at list but without ZERO percent interest I knew we wouldn’t get it much lower. End result is that WITHOUT interest our total amount paid for the car is a lot lower when fully paid off. Plus the tail end of the payments will be with inflated dollars.

[EVO X]

Thanks for the info and your reply..

[billyboy15]

“...the payments in the later years will be essential less in real value.”

True enough but free money is free money under any circumstances.

[MrEdd]

I buy used cars with low miles in good condition and then drive them until they croak (or until I can’t get parts anymore like with my current 1995 Odyssey) and to me it beats car payments.

Maybe it would be different if I liked to drive more or if I didn’t get stupid sentimental attachments to stuff.

Still, I’m car shopping now and a lot of cars which are only three or five years old are suddenly showing up on the market.

Go out and buy!

But see if you can’t get a better deal for your old ride from guys like me than from the dealerships.