The many ways the Automotive Industry is supporting the community
With all the coverage on COVID-19, it can sometimes be difficult to find the positive stories. Make no mistake, this is a serious disease that is affecting everyone but as an industry, we are all coming together to support our peers, communities, and country through this challenging time.
All manufacturers have suspended production and are redirecting efforts to combating the pandemic, here are some of the ways that the various manufacturers are supporting dealerships and customers:
- New customers can defer loan payments until June 30 - Complimentary 30-day lease extension until April 30 - Dealers receive increased incentives and can defer payments for 90 days (if requested) Fiat Chrysler Automobiles - Manufacturing 1 million masks per month - Supporting charities and foundations that provide food to children Ford - Donated $500k to non-profits to support delivery of food to senior citizens and children - Customers can delay first payments on new vehicles for 90 days - Existing financing customers may have options to delay payment and payment relief for up to 6 months GM - Partnering with Ventec Life Systems to scale up production of respiratory products - $2 million in grant funding to non-profits that support critical needs - Global GM Supply Chain working to find excess PPE - 0% interest on 84-month loans and 120-day deferred payments on new vehicle purchases Honda - Existing financing customers may be eligible for payment extensions and deferrals, as well as late fee waivers - Customers may receive $1,000 towards the purchase lease of a new vehicle and 90 days to first payment. Hyundai - Donated $2 million to children's hospitals - Reinstated Assurance Job Loss Protection program where Hyundai will cover up to 6 months of payments for new owners - Dealers have access to deferred floorplan interest, increased incentives, and other accommodations for dealers who finance their floorplans through Hyundai Motor Financing.
- 120-day 1st payment deferral and 0% financing - Up to 90-day payment deferrals for existing customers
- Working to produce 3-D printed Face Shields - Ready to produce COVID-19 masks and finalizing arrangements to begin producing ventilators and respirators - Donations to the United Way, food banks and other non-profit organizations - Payment relief options including contract payment extensions or lease deferred payments These are just a few of the ways that the automotive industry is playing a part in the fight against coronavirus. The team here at Carfeine continue to be inspired by and grateful for all the hard work that our health care, restaurant and retail workers are doing. And while we all continue to do our part by physical distancing during lockdown, Netflix has made it just a little bit easier by gifting the world "Tiger King"!