It is understandable that you may be overwhelmed by all of the media coverage for COVID-19, however you have to think about plans to cover your debt, especially your auto payments.
Hyundai has relaunched its Assurance program which provides up to six months of payment relief for owners who lose their jobs.
AC), Ford, Toyota, BMW, General Motors (which includes Chevrolet, Buick, GMC and Cadillac) all have set up hotlines for their customer. Each of these providers are asking that their customers call to discuss their options. These companies want to look at each individual situation to determine what option would work best.
Honda and Acura are offering up to 60 days of deferred payments, along with late-fee waivers for owners impacted by the crisis.
Fiat, Chrysler, Dodge, Jeep, Ram and Alfa Romeo are also encouraging customers to contact their loan servicer to discuss payment relief options. You may need to contact either Chrysler Capital or Ally Financial (discussed below).
The most important thing is that you should not just ignore the problem. Banks and financing companies are aware that there has been massive job losses due to COVID-19. They want to help but you have to ask. I am sure you have heard the saying, “A closed mouth does not get fed.”
Regardless of who financed your vehicle, you need to call and see what options are available. Repossession will seriously hurt your credit score, and other creditors can increase their interest rates based on defaults of this loan.
And don’t think that giving the car back voluntarily will not affect your credit. Whether you do a voluntarily surrender or the car is repossessed, your credit score will be affected. The only difference with a voluntarily surrender is that you may avoid attorney fees or other fees that maybe added if the vehicle is repossessed.