Carmakers across the globe are creating specialized payment plans to help relieve new and current customers as the coronavirus pandemic impacts our daily lives. Conversely, carmakers are also offering enhanced online purchasing experiences to help boost their plummeting sales. Here are some of the best carmaker responses to the coronavirus pandemic we have seen so far.
The Hyundai Assurance program is a job loss prevention program for current customers. Hyundai might be the best when it comes to conveying empathy and offering financial relief to their current and new customers. If a current Hyundai owner or leaser made their purchase beginning March 14 or now through April 30 and lost their job as a result of COVID-19, the carmaker will finance their payments for up to six months.
Hyundai is offering 0% APR financing and four months of deferred payments to qualified customers on select vehicles available now through April 30. The carmaker also has its own Global Health Crisis Relief program, which allows Hyundai Motor Finance to defer up to three months of payments. Qualifications for this program include that a customer cannot be behind more than 90 days of their existing payments and must also show proof of unemployment.
The Hyundai Hope on Wheels organization is further supporting their partner pediatric cancer hospitals currently treating COVID-19 patients by assisting them with $200K grants. You can also help support these hospitals by making a donation.
Chevrolet’s community engagement program “Chevy Cares” is known for its charity donations, military support and youth event sponsorship. The Chevy Cares program was recently expanded to accommodate customers that are experiencing challenging financial constraints or health issues related to coronavirus.
Customers of GM Financial will receive more flexible payment plans as well as relevant payment extensions. New Chevy buyers will have the opportunity to have interest-free financing for seven years and deferred payments for the first 120 days
Chevy has administered $2M in grant funding to nonprofits across the nation to address communities in need. The car company is currently working with Ventec Life Systems, in partnership with StopTheSpread.org, to quickly provide respiratory aids as well using their global purchasing supply chain department to find additional Personal Protective Equipment for healthcare professionals.
Chevy is also offering a special deal just for doctors, nurses, and other healthcare professionals with their first responders discount that is applicable for select models. New buyers can shop and purchase their vehicles online, then have them delivered to their driveway. This “Shop Click Drive” option is available 24/7 and allows prospective buyers to shop at their own pace. There’s also a host of detailed videos created to help you narrow down your search.
Toyota has its own “We’re Here for You” campaign amid the COVID-19 crisis. Customers impacted directly by the virus or who have lost their jobs are likely to be eligible for loan payment extensions or deferred payments for the car they own or lease.
Both Toyota Financial Services and Lexus Financial Services are adjusting to help best assist their customers’ needs. Customers are encouraged to contact their appropriate financial service provider especially if they are near the end of their contract or lease.
As far as new car sales go, Toyota has yet to offer any new incentives to customers liked deferred payments or 0% APR. Instead, both Toyota and Lexus have opted for more general advertising campaigns with more optimistic messaging and themes. The retailers have also been more focused on specific regional campaigns.
Some local campaigns include a first payment deferment for 90 days on the Toyota Camry, Corolla, Corolla Hybrid and Tacoma truck.