- If you’ve been financially impacted by COVID-19, your lender may offer auto payment assistance by deferring payments, waiving late fees, extending lease agreements, or suspending vehicle repossessions.
- We’ve listed 31 lenders that are helping customers with auto loans and leases, including Chase, Wells Fargo, GM Financial, and Hyundai Motor Finance.
- If your lender isn’t on the list, visit its website or call directly – your institution may be willing to help.
- Read more personal finance coverage »
A few weeks ago, you may have viewed your car payment as just a regular part of your monthly budget. But if you’ve lost your job due to the coronavirus, that monthly payment may have suddenly turned into a huge burden.
You don’t want to skip a car payment only to pay more in late fees. You also don’t want your car to be repossessed after you’ve worked hard to make payments up to this point. You know that making payments on time will put you in a financial bind, though.
Thankfully, many lenders understand that customers are experiencing job losses, so they’re offering payment assistance for auto loans and leases.
Learn about how your lender is willing to help. If your lender isn’t on this list, search online or call a customer service agent to discuss your options.
31 lenders that will help you with auto loan and lease payments in response to COVID-19
Ally is allowing customers todefer=”defer”auto loan payments for up to 120 days. You won’t pay late fees, but finance charges will continue to accrue.
If you choose to defer, remember to cancel auto-pay through Ally.
Bank of America
Bank of America is offering assistance with auto loans on a case-by-case basis. If you have a Bank of America account, you can apply for deferral online.
According to a March 31 press release, you candefer=”defer”auto loan payments for up to three months through BMO Harris.
BMW Financial Services
BMW hasn’t provided details about how it will help customers who have been affected by the coronavirus, but you can contact customer service to ask about payment assistance.
Capital One encourages customers who are facing financial hardship due to call 1 (800) 946-0332 to discuss payment options.
If you’ve been financially impacted by the coronavirus, you can call CarMax at 1 (800) 925-3612.
If you’ve leased a car through Chase and your term is coming to an end, Chase will automatically extend your lease for up to six months, so you don’t need to call to confirm your extension.
The company is offering a variety of payment assistance programs for car owners and lessees. If you have a Chase auto loan, you can call 1 (800)336-6675. If you have a lease, call 1 (800) 227-5151.
Chrysler Capital has programs to help customers affected by the coronavirus, but it doesn’t provide details on its website. The company encourages people to call 1 (855) 563-5635 to discuss payment assistance.
You maydefer=”defer”auto loan payments for up to 90 days without facing late charges. Citizens Bank is automatically pausing car repossessions, so you don’t need to contact the bank.
Fifth Third Bank
Fifth Third Bank is offering auto loan payment deferral for up to 90 days, and you will not have to pay late fees. The bank is also pausing auto repossessions for 60 days.
Ford Motor Credit
You may be able todefer=”defer”or alter payments on the vehicle you own or lease. Call Ford at 1 (800) 723-4016 to talk about your payment schedule.
GM is waiving fees for late payments occurring between March 1 and April 30. The company is waiving fees for everyone automatically, so you don’t need to contact customer service about a late payment.
If your payment is more than 30 days late between March 1 and April 30, GM will report “Special Comment Code AW – Affected by Natural or Declared Disaster” to credit bureau agencies to minimize the effect on your credit score.
If you’re leasing a vehicle, you can extend your lease for up to one month. GM will automatically extend your lease during this time.
Honda Financial Services
Honda is offering payment deferrals and extensions to current customers. You will not have to pay late fees during this time.
Huntington National Bank
From March 17 to May 30, Huntington is halting all automobile repossessions due to nonpayment.
If your car was repossessed prior to March 17, the bank is offering more lax requirements to redeem the car than it would under normal circumstances. You now only have to pay for one month, plus the repossession fee.
Hyundai Motor Finance
Hyundai will allow you todefer=”defer”payments for up to three months if you’re a current customer who loses your job due to the coronavirus or is affected medically before April 30.
Did you buy or lease a Hyundai vehicle between March 14 and April 30? If you lose your job this year, Hyundai will offer you up to six months of payment relief.
Kia Motor Finance
You candefer=”defer”auto payments for up to 90 days through Kia. Speak with a customer service agent at 1 (866) 331-5632.
Lexus Financial Services
Lexus is offering payment relief for current customers and lease-end support for people near the end of their lease agreement. Call 1 (800) 874-7050 to explain your situation to a Lexus representative.
Lightstream of Truist Bank
You candefer=”defer”auto payments for up to 90 days through Lightstream, the lending company under Truist Bank.
Mercedes-Benz Financial Services
Mercedes-Benz is offering assistance to customers who have been financially impacted by the coronavirus, but the company hasn’t published details. You can call 1 (800) 654-6222 to explain your situation to a customer care agent.
Navy Federal Credit Union
Navy Federal Credit Union encourages you to contact a representative to discuss auto loan payment deferrals and late fees.
If you were preapproved for an auto loan but are now facing financial difficulties, Navy Federal Credit Union may extend your preapproval period from the initial 60 days to 90 days.
Nissan Motor Acceptance
Nissan is allowing payment extensions for both car owners and lessees who have been affected by the coronavirus. Call 1 (800) 456-6622 to speak with a Nissan representative.
Old Point National Bank
Old Point National Bank is offering deferrals for auto loan payments. You can call 1 (757) 728-1290 to speak with a customer representative.
You may be eligible todefer=”defer”car payments for up to 90 days without paying late fees. Your loan payments will be tacked onto the end of your loan term. You can fill out the consumer loan hardship request form.
To request payment assistance for a car loan or other type of consumer loan, visit Regions’ loan assistance page or call 1 (866) 298-1113.
You can apply for a payment deferral through Santander without facing a late fee. The bank is also offering lease extensions for people who can’t return their car during this time.
You may qualify for an auto loan payment deferral, and you won’t pay late fees. Call 1 (800) 556-8172 to speak with a representative.
Toyota Financial Services
You may apply for deferral or extension if you’ve been impacted by COVID-19. Toyota is offering assistance with both auto loans and leases.
US Bank is offering deferments and extensions for car loan or lease payments. Call 1 (800) 872-2657 to speak with a representative.
USAA Bank mentions on its website that it’s providing assistance with consumer loans, but it doesn’t go into detail. You can call 1 (855) 764-4617 to speak with a representative about your situation.
You maydefer=”defer”up to three loan payments through Volkswagen, but finance charges will continue to accrue. If you lease a car and your lease period is coming to an end, you can contact Volkswagen about an extension.
Wells Fargo is providing payment deferrals, fee waivers, and other assistance for auto loans on a case-by-case basis. The bank has paused automobile repossessions until further notice.
This piece is being updated as we learn about banks’ relief policies.
- Read more on managing your money in this tumultuous time:
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- 22 banks that may help with your mortgage payments during the COVID-19 outbreak
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- How to get a stimulus check from the US government, which could pay up to $1,200 if you qualify
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