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Lenders are facing the financial crisis caused by the coronavirus head on. There are multiple options, including payment deferment, that can help when your budget is tight.
If you’re unable to make your normal car payments, consider these four options:
Many of the lenders and manufacturers below offer up to three months of deferred payments on their loans — but this may not be the right choice. When you defer a payment, interest will continue to accrue and be added to your loan. Your loan term is also extended, which gives even more time for interest to add up.
Overall, deferring a payment should be a last-resort option to avoid overpaying on your loan. Instead, you might want to carefully look at your budget and exhaust your other options before signing up for deferment.
Lender | Assistance options | Customer service |
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Ally Bank |
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Ameris Bank | No deferment fees for postponing payments due to financial hardship caused by the coronavirus |
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Bank of America | Payment deferral available on a case-by-case basis |
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Capital One | Contact Capital One to discuss alternate payment options |
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CarMax | Contact CarMax to discuss alternate payment options |
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Chase |
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Digital Federal Credit Union | Assistance plans available on a case-by-case basis |
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Fifth Third Bank | Contact Fifth Third Bank to discuss alternate payment options |
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KeyBank | Defer auto loan payments for up to three months with no late fees |
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LightStream | Payment deferral available on a case-by-case basis |
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LendingClub | Payment deferral available on a case-by-case basis |
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M&T Bank |
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Navy Federal Credit Union | Payment deferral available on a case-by-case basis |
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PenFed Credit Union | Skip one payment during the coronavirus national emergency |
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PNC Bank | Contact PNC to discuss alternate payment options |
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Regions Bank | Contact Regions for payment assistance options |
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Truist | Payment deferral available for auto loans originated by BB&T or SunTrust |
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USAA | Payment extension up to 60 days |
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U.S. Bank | Loan extensions may be available for borrowers affected by the coronavirus |
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Umpqua Bank | Financial assistance may be available for borrowers affected by the coronavirus |
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Wells Fargo |
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These major manufacturers have assistance available for those affected by the coronavirus.
Manufacturer | Assistance options | Customer service |
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Chrysler |
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Ford |
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GM |
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Honda |
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Hyundai |
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Kia |
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Mercedes-Benz | Payment deferral requests available |
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Nissan | Payment deferral requests available |
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Toyota | Payment relief available on a case-by-case basis |
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Volkswagen | Payment deferral and lease-end extensions available on a case-by-case basis |
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Even if your lender doesn’t have specific options in place for those affected by the coronavirus, it may still have options for those who are experiencing financial difficulty. Contact customer service by phone or email to discuss your options and determine the best plan for your situation.
While deferring a payment and refinancing your loan may be good options when money is tight, you’ll want to take a holistic look at your budget first. Find places to cut, and don’t be afraid to contact your lender to discuss its full program so you can make a well-informed decision about your next steps during the COVID-19 outbreak.
Stay informed on the latest updates by bookmarking our coronavirus news hub.
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