Shore Up Your Personal Finances with Pandemic Auto and Rental Assistance

• Author: Mary Singleton
• Posted: 2024-11-10

The nation is experiencing challenging times. During the pandemic, you may have had your hours cut or have lost your job altogether. The one thing you don't want to concern yourself with is how you are going to pay any past due or upcoming bills.

Congress has passed the CARES Act stimulus bill as a lifeline to corporations and families with billions of dollars in grants and loans so that eventually, the American economy can restart, and unemployment claims can decrease and stabilize.

Many corporations are offering a hand of compassion. If you are financing or leasing a vehicle, several companies are offering to waive late fees, stop foreclosures, and offer payment extensions. The following banks and finance companies that are offering such assistance are listed below.
 

Top 22 Car Lenders Offering a Financial Lifeline

 

• Ally Bank: Defer loan payments for up to 120 days. Finance charges will continue to accrue. Most important, cancel auto-pay if you take the deferment option.


• Bank of America: Go ahead and apply for a deferment online as needed. Bank of America is offering concessions on loan payments on a case-by-case basis.


• BMW: Contact customer service to understand your payment options.


• Capital One: Discuss hardship options via customer service at 800-946-0332.


• CarMax: Speak with customer service at 800-925-3612.


• Chase: Various deferments are available for Chase customers. Also, get an extra six months for lease extensions. The auto-finance department is 800-336-6675.


• Chrysler: The company has a program to assist a customer with their payment for the coronavirus outbreak. Contact customer service at 855-563-5635.


• Fifth Third Bank: Get your late fees waived. The fifth third bank is foregoing repossessions for 60 days and payment deferrals for a maximum of 90 days.


• Ford Motor Credit: Discuss COVID-19 payment arrangements with a customer care advocate at 800-723-4016.


• GM: The company is automatically waiving late fees for all consumers from March 1 to April 30 and extending lease agreements for one month.


• Honda: Current customers can get late fees waived and payment extensions.


• Hyundai: If you purchased or leased a new vehicle between March 14 and April 30, and lose your job before the end of 2020, then you can get up to six months of payment relief. Current customers can have payments waived for three months.


• Kia: Defer your car payments for a maximum of 90 days at 866-331-5632.


• Lexus: Get temporary relief for car payments. Speak with customer service to discuss your financial arrangement at 800-874-7050.


• LightStream of SunTrust Bank: Defer payments up to 90 days with Lightstream.


• Old Point National Bank: This beloved bank is offering loan deferrals. Speak with a customer care agent at 757-728-1290.


• Santander Bank: If perhaps you need to keep your leased vehicle for a little while longer, speak with Santander Bank concerning a leased vehicle extension. Also, apply for payment deferrals and have your late fees waived.


• Wells Fargo Bank: Automobile repossessions are on hold. Speak with a care representative about potential payment deferrals and fee waivers. Care representatives are assisting with payment arrangements on a case-by-scenario basis.


• Toyota Financial Services: In light of the financial impact of COVID-19, get payment extensions on auto loans and auto leases.


• Mercedes-Benz Financial Services: The company is offering financial assistance for at-risk borrows. For details on payment plans, contact Mercedes-Benz at 800-654-6222.


• Nissan Acceptance: Car purchasers and lessees can get payment extensions. Contact a Nissan representative at 800-456-6622.


• USAA Bank: Speak with a customer service agent at 855-764-4617 for assistance with your auto loan.


 

 

Rent and Mortgage Assistance

Renters and homeowners, who live in properties owned by the Federal Housing Administration, Freddie Mac, and Fannie Mae, will not be evicted or lose their homes to foreclosure. Congress prohibits evictions for 120 days for government-backed properties.

The moratorium does not include rental properties or mortgages guaranteed by private lenders. You want to inquire with your private lender for mortgage payment assistance and with your local and state government for moratoriums on state-wide evictions. Mortgage lenders have noticed an increase in consumers seeking payment assistance. Some banks are allowing customers to pay missed payments over 12 months or are permitting postponement of rent payments.