The classic American automaker is now offering loans at no interest to new buyers, plus assistance to current owners. Due to the current social distancing situation, the daily life for many users is disrupted, and GM is looking to cushion the blow, both for prospective buyers and current owners. The program covers all GM brands, but there are other automakers, including Ford, that have announced similar consumer programs in the past few days as well.
GM Rolled Out Zero-Interest Loan Program
General Motors said it would also work with current owners feeling the negative financial effects, and one of the options would be delaying payments.
For prospective buyers, the first payment on new loans can be deferred for up to 120 days. General Motors will also work with dealers to get them to utilize the automaker’s online car purchasing tool, which will allow customers to buy and take delivery of a vehicle at home. For current owners, GM is making several subscription-based services available, including in-car Wi-Fi — up to three gigabytes — as well as OnStar Crisis Assist, a service that connects drivers to first responders.
Ford’s Announcement
Existing Ford Credit customers in the U.S. who are leasing or purchasing new vehicles are encouraged to contact Ford Credit to discuss options if they are having payment difficulty. Ford Credit is also offering a program giving customers who buy new vehicles the option to delay their first payment for 90 days.
As an initial step, Ford Fund is directing more than $500,000 to help nonprofit groups in southeast Michigan and will support the delivery of food to senior citizens and thousands of children who do not have access to school meals while schools are not in session.
Other manufacturers such as Hyundai, Nissan, and Toyota are also making loan and lease payments adjustable, and some are offering deferred payments for new-vehicle purchases.